Donald Trump Jr, the executive vice-president of the Trump Organisation, is setting up a $1 billion fund to buy property in India.
Trump Jr is betting on the fast growing Indian economy and may create a privately held fund, whose investors could include an Indian family, reports Bloomberg. Trump Jr is the son of United States property mogul Donald Trump. Other details such as closing of the fund or when the first investment will be made is not known.
Trump was quoted as saying that the fund will primarily be for acquisitions of real estate in the high end, though it will also look at other opportunities. Another area he is looking at is resorts and plans to make his first investment in Mumbai. Trump Jr has been looking at the real estate market in India for some time now, and now plans to make the best of the downturn in the real estate market. The report added that Trump Jr is also planning a hotel and residential project in Mumbai with a local partner.
Trump Jr, who looks after development and acquisitions, is after the global expansion of the Trump Organisation. Last year the company entered the Dubai property market with the Palm Trump International Hotel and Tower through a local joint venture. Trump Jr is managing several marquee hotels, resorts, casinos and building complexes in New York, including the Trump Casino, Trump International Hotel, Trump Marina Hotel and Casino, Trump Taj Mahal Casino Resort and Trump Tower.
Indian real estate market is becoming a favourite with foriegn funds. Lehman Brothers Real Estate Partners recently invested $175 million in Unitech’s project in Mumbai and is also reported to be in Talks to to invest $525 million more. Deutsche Bank has also launched RREEF Alternative Investments which will invest more than $1 billion over the next three years in the growing Indian real estate. JPMorgan Chase & Co. has also recently invested $60 million in BPTP Ltd, a Delhi-based real estate company. It has also previously invested in Lodha Group.
Gulf-based investment firms have also shown a lot of interest in Indian real estate.
Khaleeji Commercial Bank has recently announced its latest investment fund, Global Logistix Navi Mumbai Investment Company, with a target capital of $430 million. In March this year, Abu Dhabi Investment House (ADIH) also announced the launch of India Entertainment City (IEC) fund, which would be financed through a $400 million Sharia-compliant fund. In October 2007 Gulf Finance House committed $630 million for Energy City India, an infrastructure project being set up in Navi Mumbai, Maharashtra.
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