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Sobha Developers teams up with European Realty Company

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As said by the source at the www.propertykhazana.com that, Redevco – Europe’s renowned realty investment and Development Company is planning to invest about Rs. 400 Crores in different ventures of Bangalore based Sobha Developers. Redevco is the part of the assorted Cafro Holdings, which is into PE, retail, fiscal services and renewable energy, further to realty development and had opened an office in India in 2008. If the talk with Sobha is pollinated, this will be its first investment in India; investment banking sources stated that Redevco had initial talks with the management of Sobha, which delayed in debt like many emerges. PE investments into Indian realty is delaying from the last three quarters and this contract is likely to be a main one, as Redevco had nothing to say, Sobha maintained the talks with different funds and nothing has been decided. From last 2 quarters, Sobha has been forcefully gazing at three choices to decline its debt load for about Rs. 2,000 pull of 1.6 times.
Company is also having Infosys as one of its main customers, is gazing to raise Rs. 900 Crores by selling 250 acres of its 3,500 acres property bank, removing about 50% share through SPVs and to remove about 30% share at the venture level. Sobha has recognized about 200 acres of property on which ventures can be started during SPVs by taking off shares. Sources reported at www.propertykhazana.com says that, company is also busy with about 13 banks and fiscal institutions to reform up to Rs. 900 Crores of debt that will be pending for payment through the coming couple of years. Banking sources states Sobha is able to get a green signal for apart of that amount and discussion is on with mutual funds to agree about Rs. 400 Crores of debt.
Source: NBTVLIVE

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