In first Indian real estate investment Mitsubishi invests Rs 180 crore in Shriram Properties project
Marking Mitsubishi’s entry into the Indian real estate sector, the company’s investment arm and Shriram Properties signed definitive agreements for partnership in an ongoing large residential development project in Chennai. Under the agreement, Mitsubishi is investing Rs 180 crores towards a 70% stake in an ongoing residential project named “Shriram Park 63”.
The project is under development at GST Road in Chennai, with 1,450 residential units and 2 million square feet of saleable area. Shriram said that it has a pre-sales of over 25% of the project that the project’s revenue potential is pegged at over Rs.1,000 crores over the next 3-4 years.
Commenting on the transaction, Kentaro Koga, General Manager, India / Myanmar, Real Estate Business, Mitsubishi and CEO of its investment arm, DRI India Co Ltd, said “We truly feel that Shriram is our best partner for first project in India. Given its strong brand, execution and delivery track record, and focus on customer value, we believe this partnership will support our growth aspirations. We are looking forward to working with such credible partner in an important sector in India.”
In the past Shriram has partnered with TPG, Tata Capital, Walton Street Capital and Starwood Capital.
M Murali, Managing Director of Shriram Properties said “We are pleased to have a global giant like Mitsubishi as our partner and be part of their maiden investment in the residential sector in India. Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties’ projects. With positively changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies towards creating sustainable value for stakeholders”.
The project is under development at GST Road in Chennai, with 1,450 residential units and 2 million square feet of saleable area. Shriram said that it has a pre-sales of over 25% of the project that the project’s revenue potential is pegged at over Rs.1,000 crores over the next 3-4 years.
Commenting on the transaction, Kentaro Koga, General Manager, India / Myanmar, Real Estate Business, Mitsubishi and CEO of its investment arm, DRI India Co Ltd, said “We truly feel that Shriram is our best partner for first project in India. Given its strong brand, execution and delivery track record, and focus on customer value, we believe this partnership will support our growth aspirations. We are looking forward to working with such credible partner in an important sector in India.”
In the past Shriram has partnered with TPG, Tata Capital, Walton Street Capital and Starwood Capital.
M Murali, Managing Director of Shriram Properties said “We are pleased to have a global giant like Mitsubishi as our partner and be part of their maiden investment in the residential sector in India. Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties’ projects. With positively changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies towards creating sustainable value for stakeholders”.
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