Piramal Enterprises has announced a strategic partnership with Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), to provide long term equity capital to residential developers across the five metro cities in India.
According to a joint statement issued by the companies, Ivanhoé Cambridge is allocating an initial $250 million while Piramal Enterprises will commit an additional amount alongside and co-invest between 25% and 50% of each transaction.
Founded in Quebec in 1953, Ivanhoé Cambridge has business interests across Canada with investments in nearly 500 properties.
The capital will be made available to a selective list of Grade A developers who have already demonstrated a track record of execution capability, corporate governance and strong return potential and the investment focus will include the Mumbai Metropolitan Region, Delhi (NCR), Bangalore, Pune and Chennai, said the statement.
