Morgan Stanley, GIC in talks for Mumbai property for $200 mn: Sources

Morgan Stanley, GIC in talks for Mumbai property for $200 mn: Sources

Mumbai: Investors including a fund managed by Morgan Stanley and the Government of Singapore Investment Corp are in separate talks to buy a Mumbai property from Indian textiles firm Alok Industries for about $200 million, two sources with direct knowledge of the matter told Reuters.

Sunil Khandelwal, chief financial officer of Alok Industries, told Reuters that the company is in sale talks for the assets with several funds, but no decision has been made.

Both Morgan Stanley and GIC declined to comment.

Other Mumbai textile firms including Bombay Dyeing, Century Textiles, Provogue India and Arvind Ltd are also trying to sell or develop real estate assets in Mumbai, where office towers have sprouted on the sites of former textile mills.

Private equity investment in the property is down slightly this year to about $784 million, from $817 million at the same time last year, data from VCCircle.com, an industry tracker, showed.

Domestic fund houses including Kotak Real Estate Fund, IndiaReit and ASK Investments are all in the process of raising funds totalling about $1 billion, fund officials have told Reuters.

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