India Digest: Morgan Stanley eyes Centrum Housing Finance; Varde buys office asset

A pedestrian is reflected in the exterior of Morgan Stanley headquarters in New York, U.S., on Thursday, July 12, 2018. Photographer: Bess Adler/Bloomberg

A private equity fund managed by Morgan Stanley has emerged as the frontrunner, among a couple of other PE funds, to pick up a 20 per cent stake in Centrum Group’s housing finance subsidiary. In another development, Varde Partners has acquired an office building in Mumbai.

Morgan Stanley eyes Centrum Housing Finance

A private equity fund managed by Morgan Stanley has emerged as the frontrunner, among a couple of other PE funds, to pick up a 20 per cent stake in Centrum Group’s housing finance subsidiary, The Economic Times reported.

The transaction is expected to value the Mumbai-based financial services firm at Rs 1,000-Rs 1,200 crore, the report said. A binding agreement to this effect is expected to be signed this week and a formal announcement is due later this month, it added.

New York Life-backed Jacob Ballas is also in the fray to pick stake in Centrum Housing Finance, a stepdown subsidiary of Centrum Capital. Morgan Stanley Private Equity Asia is expected to make the investment from its fifth fund, which recently attained the first close at $366 million.

Varde Partners buys Mumbai office asset

Global alternative investment firm Varde Partners Monday announced that it has acquired an office building in Mumbai from the Lodha Group.

The acquired asset, Lodha Excelus, New Cuffe Parade (LNCP), is a Grade A multi-tenant office building in Mumbai’s business district. Built in 2018, LNCP has over 827,000 sq. ft. of office space spread over 29 floors and forms part of a 22 acre mixed-use development. Anchor tenants include Tata International, GMM Pfaudler and Axis Bank.

“Prime Indian office assets benefit from strong fundamentals including rising rents, falling vacancies and favorable supply-demand dynamics,” said Tim Mooney, Partner and Global Head of Real Estate. “The newly built Lodha Excelus, New Cuffe Parade is well-located by strong local transport infrastructure with convenient access from the business district and heavily populated eastern suburbs.”

 

Singapore Reporter/s

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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. 
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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.