Ishaan Real Estate, the AIM-listed Indian property company chaired by former Land Securities chairman Ian Henderson, has made its first investments in India
The company has invested in Inorbit shopping mall in Pune, which comprises 489,000 sq ft (45,430 sq m) of retail and 198,000 sq ft (18,395 sq m) of offices.
It has also invested in another Inorbit shopping mall in Hyderabad, which comprises 668,000 sq ft (62,060 sq m) of retail and 298,000 sq ft (27,685 sq m) of offices.
Trion Properties is developing both schemes, which were designed by US architect Callison.
Ishaan has also completed the purchase of a 40% stake in Trion for £21.6m.
Ishaan has also invested in a 900,000 sq ft (83,610 sq m) IT park in Bangalore with planning approval for an IT centre, 400-bedroom hotel, convention centre and entertainment and shopping facilities.
The park is being developed by Magna Warehousing and Distribution. Ishaan has increased its stake in Magna to 40% following the £8.1m purchase of new shares, which will complete by June.
Ishaan has also invested in two Mindspace IT parks in Hyderabad and Navi Mumbai.
Ian Henderson, chairman of Ishaan, said: ‘We are completing the acquisition of the initial portfolio in line with the timetable set out in our Admission Document.
'We are particularly encouraged by the indication of a robust rental market.’