Friday 19 September 2014
 
»
 
»
Story

Acacia Real Estate enters India retail JV

Manama, August 11, 2008

Acacia Real Estate Limited said it has acquired a 26 per cent stake in a retail development mall in Delhi through a joint venture with Anant Raj Group, a publicly-listed company with a market capitalization of $1.2 billion.

A specialised real estate investment company with focus on income generating and development projects, Acacia, was established through a spin-off of real estate business of Bahrain-based Taib Bank.

The deal has been structured in a Shari’ah-compliant manner. The project is expected to generate a return on equity for investors of 83 per cent over a 3.5 year holding period.

Bahrain-based Taib Bank has been appointed as the exclusive placement agent for the project.

The $220 million retail mall development will consist of 600,000 sq ft of retail space upon completion.

The mall will be managed by Sandalwood, a joint venture company of Jones Lang LaSalle and Colonial First State Property Management, a leading Australian retail management firm.

The JV partners are currently in advanced discussions with the potential anchor tenant of the mall.

Iqbal Mamdani, executive committee board member and Acacia vice chairman said, ’We’re proud to be able to offer our clients the first Sharia’h-compliant deal in India’s growing real estate and retail market.’

’This deal provides investors with an attractive return and upside potential in one of the fastest growing emerging markets. I’m also very pleased that our second real estate deal in India is with a highly reputed partner who has an excellent track record.-Reuters




Tags: deal | Acacia | retail mall | India JV |

More Construction & Real Estate Stories

calendarCalendar of Events

Ads