MUMBAI: After it tested the waters in Asian property markets of Sri Lanka and Maldives, Tata Housing Development Company is venturing into the East African property market with its mixed-use projects in Kenya and Tanzania spread over 70 acres.
“Given the early success in two of our overseas projects in Sri Lanka and Maldives overseas projects in Sri Lanka and Maldives, we have decided to continue expanding our international footprint. For now, we are starting with Kenya and Tanzania in East Africa, which is a promising market with robust pent-up demand and good brand visibility,“ Brotin Banerjee, MD & CEO, Tata Housing, told ET.
The Tata Group company is working on a plan to set up an investment platform worth $200 million for its projects in overseas markets. Currently, it is in advanced talks with private equity players for the same.
“Currently, we are talking to multiple private equity entities to set up a separate investment platform for overseas opportunities. The entire $200 million can be raised in one or two tranches depending on opportunities,“ Banerjee said. “We will resort to capital-light model of development through joint ventures and joint developments.“
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