Rahul Bhatia-owned InterGlobe Enterprises Pvt. Ltd, which also runs India’s largest airline IndiGo, is expanding its real estate business through InterGlobe Real Estate Ventures Pvt. Ltd (IGR). Launched in 2017, InterGlobe Real Estate Ventures manages the real estate portfolio and funds of the company.
According to the company website, IGR aims at creating one of the India’s leading real estate portfolios of quality yielding assets by participating in a combination of greenfield, brownfield and ready assets pan-India. “IGR is in the business of acquiring quality yielding commercial assets pan-India,” said an InterGlobe Enterprises spokesperson.
He added, “We are currently managing a portfolio of 1 million sq. ft of commercial real estate and are looking to aggressively grow this number. We continue to look at various options available in the market, including in Hyderabad. IGR refuses to comment on its participation in the bid for this specific asset in Hyderabad.”
Sources reveal that Rahul Bhatia ’s new real estate venture has recently raced in to bid around Rs 1,800 crore for Hyderabad’s WaveRock office complex. The property, which spans 2.5 million sq. ft, is jointly owned by Singapore’s sovereign wealth fund GIC Pte Ltd and Tishman Speyer, a New York-based developer. As reported by Mint in January, the owners plan to sell the property for Rs 2,000 crore.
However, Rahul Bhatia ’s InterGlobe Real Estate isn’t the only one bidding. Other contenders for the Hyderabad property include big shots like Canada’s largest pension fund manager Canada Pension Plan Investment Board (CPPIB), and a joint venture of Shapoorji Pallonji and Allianz Group.
InterGlobe Real Estate Ventures has also teamed up with Indiabulls Dual Advantage Commercial Assets Fund. Together, the companies have successfully acquired a commercial office tower in Gurugram from real estate firm Hines India Ltd, marking the first transaction from their new office fund. Although Indiabulls did not disclose the deal amount, the transaction is expected to be valued at around Rs 200 crore.