As per the sources available to www.propertykhazana.com, SITQ had proposed to invest up to $1.6 Billion on the Indian Realty Segment but now it is closing down its business in the country. The finance was not in capable to identify the agreement in the right value. SITQ is a part of Canadian trade group Caisse de depot ET placement du Quebec which combined with Ivanhoe Cambridge one more PE funds of the group in July 2011. The financial source handled a collection of $30 Billion across 24 countries; its property includes office buildings, hotels, apartments, business parks and also retirement homes in the cities across Canada, UK, and Germany and in France. The PE finance made its entry to the Indian Market in 2007 with a hub on the realty sector. All the time it was on the lookout to hike the global existence particularly in high development markets like India and it kept on checking the conditions and may reexamined the location over the time.
Claimed sources to www.propertykhazana.com says, SITQ proposed for direct investments in India and had selected Aditya Bhargava as the Managing Director to work out on the plans and scout for investment opening. Until now, its investments in the country has been mainly routed during the ‘fund of funds’ method a circumstances where PE firms spend in other funds that in turn spend in companies. SITQ till now has invested in finance of other realty finance dedicated for Indian market and proposes to carry on its investments during the indirect method. Yogesh Kapur of Enam Securities said that, “It was defy for the abroad realty firms to spend in Indian real Estate firms. In addition to the regulatory issues, there was no way out owing to the poor funds market and non-availability of realty investment trust.”
Source: NIMMA BENGALURU
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