Kolte-Patil, JP Morgan-backed Metropolitan Lifespace in deal to redevelop Mumbai housing project

Pune-based real estate firm Kolte-Patil Developers Ltd on Friday said it had entered into an agreement with Metropolitan Lifespace Real Estate Developers Pvt. Ltd, an entity managed by JP Morgan Asset Management, to jointly redevelop a housing project in Mumbai’s suburbs.

As part of the agreement, Metropolitan Lifespace will invest Rs 120 crore into the redevelopment project titled Jay-Vijay Society at Mumbai’s Ville Parle area, Kolte-Patil said in a filing to the BSE.

Metropolitan Lifespace is promoted by IPFII Singapore 5 Pte. Ltd, an offshore entity managed and advised by JP Morgan Asset Management-Global Real Assets.

The total cost of construction of the redevelopment project stands at around Rs.270 crore. The rest of the amount will be borne by Kolte-Patil, the company said.

The redevelopment project is spread across 2.25 acres. It is expected to be delivered over the next 30-36 months. Requisite approvals are in place, and construction is expected to commence shortly, the company said.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.