Mumbai-based real estate developer The Wadhwa Group is close to finalising a $200-million investment from Morgan Stanley, for its upcoming office property ?ONE BKC? in Bandra Kurla Complex (BKC), in Mumbai.
The developer was in talks with foreign private equity funds over the last six months for jointly developing the property in the new commercial district of BKC.
In response to a specific query on the possible transaction, Wadhwa Group?s managing director Sanjay R Chhabria told FE, ?We are in talks to raise about $200 million from Morgan Stanley, it should close soon.? In an email response Morgan Stanley declined to comment.
Wadhwa has been marketing ONE BKC as offering office spaces designed to suit occupiers of all sizes. The company has been using this as its USP by offering office spaces of as small as 1,000 square feet as it targets professionals like CAs and law firms to house their 15 to 20 member teams.
At the same time, it also plans to offer fully serviced building that would accommodate medium sizes and also large occupiers with requirement of higher services. According to company?s website, the project is scheduled for delivery in 2014.
During the 2013-2014 fiscal, Wadhwa is looking to launch 15-20 million sq ft of residential and commercial space in and around Mumbai, Chhabria said.
Of this, almost 90% will be in residential segment with projects coming up in Thane, Chembur, Panvel and Dadar. The Thane project of around 0.5 million sq ft is under joint venture and is expected to launch this week, while Chembur project of about a million square feet is expected for launch in November 2013.
?We would be raising between R1,500 and R2,000 crore for these projects, of which 70% will be bank funding and 30% will be through private equity investments,? he said.