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Taurus Investment Holdings, a Boston-based private equity and development fund, is seeking to develop retail-led, mixed-use properties in India. The firm is targeting tier 1 and high-growth tier 2 cities in the South and West regions of India due to high demand in these markets. The first project, Taurus Downtown, will be located in Trivandrum, with Taurus investing INR 1,000 crore in the 1.3 million square feet development. In addition to Trivandrum, Taurus also plans to focus on secondary cities such as Visakhapatnam, Coimbatore, Bhubaneshwar, and Trichy.
Taurus and its partner, Sage Capital, are also looking to raise INR 500 crore in domestic funds to invest in India's real estate sector through the alternative investment fund route. The firm is in discussions with institutional investors for the build-to-core development of shopping centres across the country and plans to raise a separate offshore fund for this asset class.
The growth of institutional investments in India's alternative real estate asset classes reached a new high in 2022, accounting for 18% of the total inflows during the year. This trend has attracted the interest of global funds such as CPPIB and Blackstone-backed Nexus mall, and the year 2023 is expected to see the listing of India's first retail REIT, which would further increase investment opportunities.
Taurus has a long history of successful real estate development projects globally, having purchased, developed, and sold over 70 million square feet of office, industrial, retail, office, and residential assets with a total value of over $10 billion. The firm is currently working on a 5.5 million square feet mixed-use project in downtown Trivandrum in partnership with Embassy Group and Asset Homes, with an investment of INR 1,500 crore.
Taurus Investment Holdings' plans to focus on the development of retail-led, mixed-use properties in India, particularly in tier 1 and high-growth tier 2 cities, is a testament to the potential for growth in the country's retail market. With its successful track record, strategic partnerships, and plans for raising funds, Taurus is poised to make a significant impact in the Indian real estate sector.
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