Cordea Savills has teamed up with Indian business Nichani Group to launch an Indian fund management business.
The Cordea Nichani Indian Opportunities No 1 fund will target development opportunities in high growth regions of India. The closed-end fund is aiming for returns of 25% a year and has already secured a ‘cornerstone investor’. It is targeting an equity raising of $200m (£97m) with a first closing this month.
4 key areas
It will invest in four key areas across India including residential developments, special economic zones, hotel and leisure development, and infrastructure.
Nichani Group is a 60-year old family business with offices in Chennai, Bangalore and New York and operates in the property business and well as in movie financing, information technology and equity investments. It will hold a minority stake in the Cordea Nichani joint venture.
Other Indian developers which will hold minority stakes in the fund include Velankani Infrastructure, the Sastry Group, Caliber Construction and another unnamed Mumbai developer.