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 Background Company BusinessManagementInvestment PolicyPortfolio Summary |
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Ishaan Real Estate plc invests in Indian real estate development projects in southern and western India, and currently holds interests in nine real estate projects in and around the cities of Mumbai, Hyderabad, Pune and Bangalore. These cities are key economic cities in India with good growth prospects and are gaining momentum as more multinational companies move operations to these areas. The principal focus of the projects in which Ishaan has invested is the development of IT parks and Special Economic Zones (‘SEZs’), together with investment in commercial, hospitality, retail and residential developments. Ishaan, which raised a total of £207 million on admission to AIM in November 2006, has since completed investment of £159.5 million in the nine projects. The estimated area for development of the Company’s real estate portfolio currently stands at 21.4 million sq. ft. The nine projects in the Company’s portfolio, in which the Ishaan Group owns a 40% stake, were independently valued at £618* million by Cushman & Wakefield as on 30 Sep 2011 with Ishaan’s 40% interest in these projects valued on a pro-rated basis at £247 million. Ishaan makes its investments in FDI (Foreign Direct Investment) compliant projects through a holding company in Mauritius (Mauritian Holdco), which invests in wholly owned Mauritian subsidiaries, “the Mauritian SPVs”. Through the Mauritian SPVs it invests in the Indian companies which are carrying out the development activity, the “Indian Investment Vehicles”. The Mauritian SPVs hold 40% interests in the Indian Investment Vehicles. These projects will benefit from project support services provided by K Raheja Corp entities. K Raheja Corp is a leading and well established real estate developer of self-contained townships, modern business parks, industrial centers and other complex commercial formats in southern and western India. Notes: *Cushman & Wakefield valuation as at 30 Sep 2011 at exchange rate of 1 GBP = INR 76.52. |
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