India’s Emaar MGF Land plans to spin off its 500m sq ft development pipeline into Singapore-listed REITs as it aims to become one of the country’s biggest developers. Financial Times
The joint venture between Emaar Properties, Dubai’s biggest developer, and India’s MGF Development plans to build more than of business, residential and retail complexes in the next seven to 10 years, most of which will be spun off as REITs.
Shravan Gupta, executive vice-chairman and managing director Emaar, said: ‘Within the next 18-24 months we should be in a position to do our first REIT and after that we will do them regularly.’
Emaar hopes to raise $1.5bn this year in what will be one of the country’s biggest initial public offerings.