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The WIRE Group, a consortium of international real estate groups, has lined up $1 billion investment over a period of two years for development of commercial properties in India.
WIRE's platform partners include Webcor Inc Asia Pac International and Larsen and Tourbo. The group was formed to meet the increasing demand of the US and European MNCs for Indian commercial real estate.
Out of the total investment outlay, $300 million will be spent through the private real estate fund accumulated by the group. The rest would be funded through debts, said M Fidelman, director-tenant acquisition, WIRE Group.
The group would be focussing on building of commercial space for catering to the IT, pharmaceuticals and semiconductor clients, he added.
The WIRE Group has already embarked on building a commercial property of 1.7 million square feet. The group has acquired the land and work for the project will start soon. It has also embarked on development of about one million square feet of commercial space in Bangalore. The project would be undertaken with a joint venture partner.
The WIRE Group will built around five lakh square feet area opposite to the Wipro SEZ at Sector V in the eastern fringes of Kolkata. The firm had signed a deal with a city-based developer on the sidelines of a CII sponsored session on Indo-US Economic Cooperation, Fidelman said.
According to the deal, the city based developer will own the land and the WIRE Group will develop the property by the best applicable international design and construction management standards. The tenant search for the projects would be made by the group.
