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RootCorp launches India Debt and Yield Opportunities Fund

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India/Middle East real estate specialist Sobha Group has teamed up with RootCorp to launch the India Debt and Yield Opportunities Fund, which will target UK and European institutional investors and family offices/ultra high net worth individuals. 

The new fund, which will be managed by Suresh Nichani, Vice Chairman of Rootcorp, will focus on the Indian market and have an IRR target return of 20 per cent. 
 
RootCorp has the ability to deliver large real estate projects of up to eight million sq ft per annum in multiple sectors – including residential, hotel, commercial and industrial – through its shareholders and strategic alliance partners.
 
The fund seeks to benefit from the enormous opportunities which abound in the Indian property sector – India requires a city the size of Chicago to be built every year to house its growing population.
 
Sobha will be able to deliver multiple large construction projects each year and Nichani brings decades of investment experience. Savills, also a shareholder, will support the manager with development consultancy and sales services.
 
RootCorp Investment Management plans to develop further pooled funds as regulated investment vehicles that will invest initially in the Middle East and Indian real estate markets, and also renewable energy. Over time, Rootcorp expects between 50 per cent and 70 per cent of assets under management to be outside of India.
 
Nichani says: “The vision for RootCorp is to offer the best possible blend of property investment vehicles.  At a time of uncertainty in some parts of the globe, demand for property as an investment and asset class in established and successful markets has rarely been more marked.  Our aim is simply to offer investors property platforms that will provide superior risk adjusted returns consistently, year after year.”
 
PNC Menon, Director of RootCorp and Chairman Emeritus of Sobha Group, says: “Sobha delivers seven million sq ft of property each year in India alone, and we have in excess of USD14 billion of property in development in Dubai. We have the very best land buyers and construction teams in the world and now we are going to increase our activity beyond India and Dubai and use our skill and resources to enter other markets in Europe and beyond.” 
 
The fund will focus on acquiring yield oriented assets and development interests in the high-growth Indian metropolitan cities of Bangalore, National Capital Region (New Delhi) and Mumbai, as well as the Western corridor including Pune and Ahmedabad.  The fund will also provide opportunistic capital to reputed mid-size developers who own prime land.  The fund will invest in residential, commercial, smart cities, hotel and special economic zone projects.
 
RootCorp has signed co-development partnerships with several strategic alliance partners in India. The partners are experienced in the development of corporate parks, residential communities, hotels, and highly complex land entitlement processes and will reinforce RootCorp’s existing strengths in these areas. They will also bring proprietary off-market deals and provide a permanent reliable source of advice to the investment manager on a wide range of transactions.
 
The fund will have a minimum investment of USD10 million for institutional investors and USD5 million for family offices and ultra high net worth individuals.
 

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