Private equity real estate firm Millennium Spire will invest $200 million (€136 million) in real estate developments in India in the next 12 months, according to a report in The Economic Times.
Millennium Spire managing director Ashish Bhalla said the firm expected to invest $200 million in real estate projects including mixed-use complexes, IT parks, residential and commercial projects located in the country’s capital and the city of Coimbatore.
Singapore-based Millenium also launched Spire Edge, an IT Park in the city of Manesar near the capital. The project, a 50-50 joint venture between the firm and AN Buildwell, is expected to be completed in the next three years.
Millennium is investing $20 million in the Rs4 billion ($91.3 million; €62 million) development, the report said. The complex will be spread over 1.6 million square feet.
The Singaporean investor is raising its second Millenium Spire fund, which is taking investments from non-Indian LPs throughout Asia, Europe and North America. The fund is targeting both residential and commercial space, the latter focused mostly in the IT and knowledge sectors. The vehicle will be focused primarily on South India, particularly on the city of Coimbatore. It will be run out of Delhi and Singapore and will be headed by Aashish Bhalla and managing director Ahbijeet Bhalla.
The vehicle follows the first Millenium Spire fund, which was a globally-focused fund launched in May 2006 and closed the following year on $21 million. The vehicle has now been fully invested.