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June 10, 2008

Deal Alert: Landmark Holdings picks up 10% stake in Pune township & SEZ project

Edited excerpts from press release:

Landmark Land Holdings Pvt. Ltd., the real estate investment arm of the Dalmia group, has finalized a deal with Pune-based Kumar Builders to invest in an Integrated Township & S.E.Z. project at Hinjewadi suburb of Pune. Landmark has acquired approximately 10% Equity in the project for an undisclosed sum, with an option for additional investment upto 49% in the SPV.



The project size is 124 acres of land, with a saleable area of around 10 mn. sft. and an expected revenue in excess of US$1 billion. The project site is 2.5 kms away from the Mumbai-Pune Expressway, and adjacent to the Rajiv Gandhi Software Technology Park.

Landmark is quite bullish on Pune as a destination, which is emerging as an alternative IT hub. With its proximity to Mumbai, and with Bangalore & Mumbai’s resources having been tapped to saturation levels, it is envisaged that the migration of several IT companies here is slated to be an ongoing process.

Landmark’s development partners, Kumar Builders, has successfully completed over 100 projects, with another 30 projects in the pipeline.

Prior to this investment, the Landmark group already has in its portfolio 20 ongoing projects, which are pan-Indian in their scope and spread, with a total sales value in excess of US$5 billion.