Chicago-based real estate firm Walton Street Capital will invest 10 billion rupees ($250 million, €169 million) in the coming months, planning to tie up with Indian property developers to launch special purpose vehicles.
Sourav Goswami, Walton Street managing director in India, told India’s Economic Times that the fund is in talks with three Indian developers and will close deals shortly. Those deals will likely include two residential projects in Calcutta, which Walton Street has been looking at for some time.
Walton Street has already been an active investor in India. Last year the firm invested about 8 billion rupees ($200 million) in special purpose vehicles in the country, investing in retail malls, office buildings, housing and hospitality.
In November Walton Street made a $100 million (€69 million) investment in Bangalore-based property developer Shriram Properties, picking up an undisclosed stake in the company. Shriram Properties, the real estate division of the Shriram Group, plans to use the funds for developments in north and west India within the next year. Shriram currently has operations across India in cities such as Chennai, Kolkata, Mysore, Coimbatore and Bangalore. Its developments range from apartments to IT parks to townships and luxury homes.
In September, the company had picked up a stake in a project to develop Hindustan Motors’ excess land in Uttarpara. In that project, 20 million square feet is set to be developed. Starwood Capital Group and Shiram Properties are also partners in that project.