Mumbai: Mumbai-based investment bank Ambit Holdings Pvt. Ltd is in talks to form a joint venture with US-based real estate developer and investor Portman Holdings Llc for a real estate fund, according to two people aware of the development who did not want to be identified.
The joint venture will leverage the expertise of Portman in real estate investing and Ambit’s local fund-raising abilities.
“The two plan to raise a real estate fund north of $500 million in third-party capital,” said one of the two people. This person added that Ambit and Portman would each hold a 50% stake in the fund.
The fund will invest primarily in mid-size projects, he added.
E-mails sent to Ambit and Portman Holdings did not elicit any response.
Ambit, which began operations in 1997 as a corporate finance advisory, has, over the years, branched into new business lines such as brokerage, private equity, asset management, wealth management and structured lending services.
Portman Holdings is a vertically integrated real estate development, investment and management company. According to the company’s website, it has developed over 60 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties.
In an interview with Mint in February 2015, Rahul Anand, managing director at Portman Advisory Pvt. Ltd, said the company was looking to manage third-party capital and co-invest $200-250 million in residential projects in India.
Portman made its first investment in India in 2009, acquiring a 50% stake in Margosa Heights, a residential project of Kolte-Patil Developers Ltd. Its more recent investments have been in projects sponsored by Tata Housing Development Co. Ltd.
In November 2012, Portman invested ₹ 62 crore to acquire a 26% stake in Tata Housing’s luxury project Promont in Bengaluru; and in June 2013 acquired a stake in Tata Housing’s affordable housing project in Bengaluru for an undisclosed amount.
