Macquarie and Tata Housing are expecting an auction that would pull out about $200 million of equity capital. A wing of Australia’s Macquarie Group Ltd, Macquarie Infrastructure and Real Assets (MIRA), handles over $100 billion of assets raising funds worldwide, three people familiar with the development comment being all set to invest in real estate projects in India.
Designated as the managing director of the Indian wing, MIRA leads real estate investments in India. Narayan being an estate investment firm Aevitas Property Partners before his delegation has also worked as the chief operating officer at Infinite India Investment Management Pvt. Ltd. Confirming his delegation, Narayan did not reveal details.“Macquarie has been planning to invest in real estate in India for a while and has put together a team specifically to make investments in the sector. It’s a good time for Macquarie to start investing because there is a lot of demand for capital, particularly equity, and valuations are reasonable after a long slowdown spell,” said one of the three persons cited above, on condition of anonymity. Macquarie refused to comment.
“Macquarie and Tata Housing have been in talks for an investment partnership for the last couple of months, and an expression of interest has been signed. Tata Housing is also speaking to a couple of other investors, and one of the three will be finalized shortly,” said the second person cited above, also on condition of anonymity. MIRA is a massive framework asset manager worldwide and also has a history in real estate, agriculture and power throughout regions across the globe. This came in magnitudes from global investors such as Warburg Pincus LLC, Goldman Sachs Group Inc. and GIC Pte. Ltd.
“Given the kind of economic revival India is poised for, it is a good time to invest, and it would help Macquarie with its pedigree and ability to go out and raise capital from the market. Having invested in India already, though in infrastructure so far, they are well-versed with the challenges and nuances of making investments here,” said Shashank Jain, partner-transaction services at PricewaterhouseCoopers India.