ORBIS Real Estate Advisor Partners L.P. announced that they have closed ORBIS Real Estate Fund I, an investment fund that will provide more than $300 million for residential development projects in Southern India. There is currently $75 million in committed capital for developments in cities such as Hyderabad, Vizag, Chennai, Coimbatore, and Bangalore, and investors include endowments, high-net-worth individuals, family offices, and IIT-Chennai alumni based in the United States and other countries.
The $300 million figure represents a mix of leverage and presales revenue, and the ORBIS Real Estate Fund I is expected to invest over a three year period, with a horizon of seven to nine years. The fund is managed by Subash Kolluru, a founding principal of Da Vinci Advisors and will be sourced and underwritten by Hyderabad-based Genesee Realty Advisors Pvt. Ltd.
The decision to focus on Southern India had to do with the demographics of the emerging technorati class in the country. Twenty-three percent of the software engineers that work in India or overseas are originally from southern India, so a lot of the brain power is there. A lot of the IT companies and other industries are interested in that area, Kolluru told CPN.
No deals have been finalized, but that some land has been evaluated already. We have not purchased the land yet, but we have some deals in the final stages. The parcels have been identified, Kolluru said. He also noted that the specific types of projects would depend both on the land deals and closeness to cities. The size and shape of the parcels are going to determine the types of projects. But the closer you are to the city, the more expensive theland gets, so you start to think vertical, and thats where were looking at high-rise condo developments.
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