MUMBAI, (Reuters) - Morgan Stanley Real Estate (MS.N) said it has paid $152 million for an undisclosed stake in Indian real estate developer Oberoi Constructions Ltd.
Mumbai-based Oberoi has completed nearly 30 projects, mostly in the city, and has development projects for about 15 million square feet, the firms said in a joint statement.
"(The) Indian real estate industry has seen and will continue to see exceptional growth for several more years," said Vikas Oberoi, managing director of Oberoi Constructions.
Morgan Stanley Real Estate has said it would invest about $1 billion in Indian construction companies and projects over five years. It invested $68 million in Bangalore-based Mantri Developers Private Ltd last March, and $65 million in New Delhi-based Alpha G:Corp Development Private Ltd in July.
India has attracted global players such as Warburg Pincus, AIG (AIG.N), 3i (III.L) and Deutsche Bank (DBKGn.DE) since rules on foreign investment in real estate were eased in early 2005.
Recent initial public offerings by Indian real estate firms Parsvnath Developers Ltd. (PARV.BO) and Sobha Developers Ltd. (SOBH.BO) received strong response from investors, with demand more than 50 times the offer size of both issues.
Other developers are also looking at a stock market listing, with DLF Ltd. set to raise more than $2 billion in an offering expected in month or two that would be India's biggest-ever IPO.
With foreign investor enthusiasm for Indian property on the rise, London's secondary Alternative Investment Market, or AIM, has become a popular listing arena for Indian developers, with the likes of the Raheja and Hiranandani family-controlled real estate companies raising funds there. Source: reuters
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