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News
Cordea Nichani strengthens team in Bangalore
Cordea Nichani, a joint venture between Cordea Savills, the international property fund manager, and the Nichani Group, an established Indian family business and three Indian development and construction companies, has strengthened its operation in India with four new appointments in the Indian advisory company.
Cordea Nichani was launched in November and brings together a unique combination of skills and experience. Cordea Savills is an international player with over £3.4 billion of assets under management and a proven investment and risk management framework. The Nichani Group is a 60-year-old family business operating out of Chennai, Bangalore and New York with strong contacts and relationships with other families, businesses, government and regulatory authorities. The joint venture’s first product, also launched in November, is Cordea Nichani Indian Opportunities No. 1, a fund offering access to land and development opportunities in high growth regions of India and targeting net returns of 25% per annum.
The new appointments in Cordea Nichani India Advisers Private Limited include:
- Naresh Vetcha as Director, Portfolio Management. Naresh has extensive experience in real estate, fund management and services businesses spanning more than a decade in India and abroad, managing in excess of USD 1 billion of residential, hotel, commercial and mixed-use investments in the Asia-Pacific region. Previously, he headed up India Investments for LaSalle Investment Management. Prior to LaSalle, Naresh gained several years of experience in the real estate, finance and banking industries in India and the United States. Naresh retains a solid understanding of property markets in India and has strong relationships in the industry. He holds an MBA in Finance and Real Estate from The Wharton School at the University of Pennsylvania.
- Bhavin Thakker joins as Vice President, Investment and Acquisitions, from Cushman and Wakefield, where he was in charge of the tenant representation practice and previously had responsibility for business development and execution. He was instrumental in the leasing and disposals of real estate for clients including IBM, Lucent, Kodak, the WPP group, Bausch and Lomb, Fluor Corporation, MasterCard, Boeing and RBS, amongst others. He holds an MBA from Pune University.
- B. Seshagiri has been appointed as General Manager Administration, having been with the Nichani Group since 1970. At Cordea Nichani he is responsible for all legal matters, including liaison with advocates, attorneys and other legal professionals. He will also support the finance function with accounting and tax issues, and liaise with banks, institutions and other third parties. He has particular expertise in due diligence, which he has conducted on more than 20 properties for the Nichani Group.
- Ajay Rathi is joining as Senior Vice President – Finance in mid-March. Ajay was formerly Vice President of ICICI Venture Funds Management Company Ltd., where he oversaw fund performance, compliance and regulatory limits for one of their funds. He was also part of the group responsible for devising tax efficient and regulatory compliant structures and was responsible for investor reporting.
John Partridge, Chairman of Cordea Nichani commented: “These new appointments show that we are adding further considerable experience to the existing team in Bangalore. Coupled with the input of our developer stakeholders, we now have a first rate fund management proposition for clients seeking exposure to one of the world’s largest and fastest growing economies.”
For further information, contact
John Partridge
Cordea Savills
Tel: +44 (0)20 7409 5904
Suresh Nichani
Nichani Holdings LLC
Tel: +1-212-873-1194
Patrick Evans / Stephen Sheppard
Citigate Dewe Rogerson
Tel: +44 (0)20 7638 9571
Notes for Editors:
Cordea Nichani
- Cordea Nichani’s first fund is the Cordea Nichani Indian Opportunities No.1, a closed-ended private limited company incorporated in Mauritius. A cornerstone investor has already been secured with a first closing in November 2007. Cordea Savills and Nichani Group, through their affiliates, will be co-investors in the Company.
- Indian Opportunities No.1 is an unregulated investment scheme which is only available to certain categories of investors outside of India. This press release is issued by Cordea Savills and Nichani Holdings, LLC to members of the press and media only. The information contained herein should not be construed as a prospectus, invitation to offer, financial promotion, advertisement or investment advice.
- Cordea Nichani is a joint venture between
Cordea Savills: an international property fund manager offering services on a pooled fund or segregated mandate basis with £3.5 billion of gross assets under management, as at 31 December 2007, for a range of clients including pension funds, fund of funds, charities and qualified professional investors. Investment styles range from core to opportunistic.
Nichani Group: a 60 year old established business house and business family operating out of Chennai, Bangalore and New York. The Nichani Group has Interests in various businesses including film financing, information technology, modest equity holdings (in private and public companies), real estate holdings and real estate funding. The Indian businesses are guided by Harilal G. Nichani and Amarlal G. Nichani
Three Indian development companies are also minority shareholders in the joint venture. These are:
Velankani Infrastructure - a leading Bangalore development company specialising in IT parks and hotels and, responsible for developing some of Bangalore’s most respected technology parks.
Sastry Group - a substantial land developer and serviced land provider of over 50,000 sites in India.
Caliber Construction - involved in the building of hotels, IT parks and Special Economic Zones (SEZs) in southern India.
Further information can be found at www.cordeanichani.com
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