Artículos de la prensa y los medios de comunicación
Jacob Engel will build mall, hotel and office complex in India with an investment of $300 million
By Michael Rochwerger
10.07.2008 The Marker
TheMarker learned that the Real Estate Company EngelInvest owned by Jacob Engel continues to expand its operations in India. The company signed, through its subsidiary company VENOSA, two transactions to establish commercial projects in Hyderabad, with a total investment of approximately $300 million.
Besides Engel, other VENOSA shareholders are Hezi Hermoni, former CEO of Tadiran Communications, active in India for many years, David Brenner, Alon Avdani, CEO of EngelInvest, and Ronen Hermoni CEO of VENOSA.
Within the framework of the first deal, EngelInvest signed an agreement to acquire land for the construction of an office complex inside an Information Technology Park that covers an area of 60 thousand square meters.
In the second transaction, the Company acquired land for the building of a mall, a hotel and an office tower, expected to stretch over an area of approximately 200 thousand square meters.
EngelInvest expects proceeds in the amount of approximately $660 million from these two projects. The company is conducting advanced negotiations to finance the transaction with Indian banks and Indian branches of foreign banks operating in India.
The company intends to take loans amounting to 65% -70% of the investment, where the rest will be financed through equity capital. It was also agreed between the parties that the current landowners will remain partners of EngleInvest in new projects to be constructed and will be responsible for obtaining building permits.
Most innovative centers of technology and biotechnology industrial parks in India are located in Hyderabad. The city is considered the economic and financial capital of Andhra Pradesh and has more than 7 million inhabitants.
Hyderabad is recently undergoing a significant building momentum and has become a technological center for international corporations as well as a regional commercial center.
Among others operating in the city are such groups as the Microsoft Corporation, the UBS Swiss investment bank, Yahoo, Google, Dell, Motorola, IBM, Texas Instruments and Hewlett-Packard.
These transactions are in addition to other projects carried out by EngelInvest in India. This activity includes the construction of eight malls and commercial centers, five residential projects totaling 4,000 apartments and villas, and 5 integrated complexes of office towers and business hotels. These projects are expected to take place in the cities of Mohali, Jodhpur, Faridabad, Ludianah, Mumbai, Goa and Hyderabad, in an area totaling more than 1.6 million square meters.
The investment in these projects totals $1.1 billion and the expected profit is of $1.3 billion.
According to Avdani, "Given the diverse portfolio of EngelInvest India, it is considered one of the country's leading foreign developers, and receives many offers from various landowners. This is in part because combination deals allow landowners to achieve higher profits.”
Avdani added that EngelInvest plans to expand its shopping malls in India.
10.07.2008 The Marker
TheMarker learned that the Real Estate Company EngelInvest owned by Jacob Engel continues to expand its operations in India. The company signed, through its subsidiary company VENOSA, two transactions to establish commercial projects in Hyderabad, with a total investment of approximately $300 million.
Besides Engel, other VENOSA shareholders are Hezi Hermoni, former CEO of Tadiran Communications, active in India for many years, David Brenner, Alon Avdani, CEO of EngelInvest, and Ronen Hermoni CEO of VENOSA.
Within the framework of the first deal, EngelInvest signed an agreement to acquire land for the construction of an office complex inside an Information Technology Park that covers an area of 60 thousand square meters.
In the second transaction, the Company acquired land for the building of a mall, a hotel and an office tower, expected to stretch over an area of approximately 200 thousand square meters.
EngelInvest expects proceeds in the amount of approximately $660 million from these two projects. The company is conducting advanced negotiations to finance the transaction with Indian banks and Indian branches of foreign banks operating in India.
The company intends to take loans amounting to 65% -70% of the investment, where the rest will be financed through equity capital. It was also agreed between the parties that the current landowners will remain partners of EngleInvest in new projects to be constructed and will be responsible for obtaining building permits.
Most innovative centers of technology and biotechnology industrial parks in India are located in Hyderabad. The city is considered the economic and financial capital of Andhra Pradesh and has more than 7 million inhabitants.
Hyderabad is recently undergoing a significant building momentum and has become a technological center for international corporations as well as a regional commercial center.
Among others operating in the city are such groups as the Microsoft Corporation, the UBS Swiss investment bank, Yahoo, Google, Dell, Motorola, IBM, Texas Instruments and Hewlett-Packard.
These transactions are in addition to other projects carried out by EngelInvest in India. This activity includes the construction of eight malls and commercial centers, five residential projects totaling 4,000 apartments and villas, and 5 integrated complexes of office towers and business hotels. These projects are expected to take place in the cities of Mohali, Jodhpur, Faridabad, Ludianah, Mumbai, Goa and Hyderabad, in an area totaling more than 1.6 million square meters.
The investment in these projects totals $1.1 billion and the expected profit is of $1.3 billion.
According to Avdani, "Given the diverse portfolio of EngelInvest India, it is considered one of the country's leading foreign developers, and receives many offers from various landowners. This is in part because combination deals allow landowners to achieve higher profits.”
Avdani added that EngelInvest plans to expand its shopping malls in India.