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Sobha inks JV with PE firm SUN AREA for Bangalore housing project

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Realty firm Sobha Developers today announced an equal joint venture with private equity firm SUN-AREA Property Partners to develop a luxury housing project in Bangalore at an estimated investment of about Rs 260 crore.
Sobha Developers and SUN-AREA would have an equal stake in the JV and both the companies would invest Rs 50 crore each in the special purpose vehicle (SPV) Sobha Highrise Ventures Ltd, which has been formed to develop this project.
"SUN-AREA Property Partners will invest about Rs 50 crore into the SPV with an equal commitment by Sobha," Sobha said in a BSE filing.
The project, which is spread over 5.6 acres with a built up area of more than 50,000 square meters, is expected to be launched within the next two quarters.
When contacted, Sobha Developers CFO S Baaskaran said the total investment would be about Rs 260 crore to develop this super-luxury housing project.
The Bangalore-based Sobha Developers said that it has so far delivered 53 million sq ft area and the company's net profit has improved from about Rs 108 crore in 2008-09 to Rs 206 crore in 2011-12.
Sobha Developers and SUN-AREA would have an equal stake in the JV and both the companies would invest Rs 50 crore each in the special purpose vehicle (SPV) Sobha Highrise Ventures Ltd, which has been formed to develop this project.
Source: Economic Times

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