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|    Development Project 5 – MANJEERA HOSPITALITY
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| With a population in excess of six million people, the capital city of the Indian state of Andhra Pradesh, Hyderabad, represents India’s 6th largest metropolis. Over the past decade, Hyderabad has evolved from a city known for its pearls and lakes to a city known for its IT and pharmaceutical companies - with IT exports expected to reach INR 250 billion / £3.1 billion in 2007/08.
The residential and institutional area of Kukatpally, 13km to the North West of the heart of Hyderabad, houses a population of approximately 375,000 people. As one of the fastest growing suburbs of the city, it has witnessed heavy construction activity in the form of residential townships and commercial buildings. The immediate neighbourhood comprises approximately 185,000 housing units consisting of upper, upper middle and middle income households
Manjeera is well located and has connectivity to HITEC City which houses a number of international and domestic IT/ITeS firms. The sites have significant frontage and are located along the new 150ft wide road off the Mumbai Highway and 0.6km from JNTU (Jawaharlal Technological University) junction. The widening work of the arterial approach road from JNTU to HITEC city is in progress and will considerably improve the traffic flow and marketability of the project.
Highlights
- Excavation of one of the sites (S2) started in August 2007 and is likely
to be completed by May 2008 instead of January 2008. The delay is due
to Project 5 being awarded an additional 10% of FSI
- Marketing tie-up for the retail space has been
firmed up with Jones Lang LaSalle Meghraj (“JLLM”). The marketing and
sale of residential and office space will be handled by the developer
themselves
- In November 2007, SachsenFonds acquired a 41%
minority interest in the development for £6.47 million, resulting in a
realised IRR of 119% and a multiple of 1.73 times return (“SF-I”)
- In June 2008, SachsenFonds acquired the
remaining 59% interest in the project for £9.43 million, resulting in a
realised IRR of 61% and a multiple 1.76 times return (“SF-II)
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| View Project Details |
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| £16.2 million* |
| 2.68 m sq. ft. |
49% owned** |
| Asset Class |
Residential Commercial
Retail |
| Project Name |
Manjeera Retail Holdings’ |
| Partner |
Manjeera Construction Limited |
Location
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Kukatpally, Hyderabad |
| Type |
Retail mall with residential and commercial space |
| Saleable Area |
2.68 m sq. ft. on 8.3 acres |
| Capital Invested |
£9.6 M |
| *NAV as of 31 March 2008 |
£16.2 M
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| IRR at Date |
75% |
Multiple at Date
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1.69 |
** The Mauritian SPV owns 49% of DP-5; however, Trikona TC has sold 100% of its ownership in the Mauritian SPV.
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