Temasek may co-invest with HDFC in India's Embassy Property
Singaporean SWF Temasek Holdings, with HDFC Property Ventures, is reportedly in talks with Bangalore-based real estate company Embassy Property Developments Ltd. over a possible $100 million investment deal, coming ahead of Embassy’s anticipated IPO next year.
According to local reports, HDFC, a division of HDFC Bank which additionally counts Temasek as an investor, has already made three past investments with Embassy. In this round of financing, Embassy is looking to make investments into both ongoing and future projects, as well as allocate a reported INR123 crore ($26.7 million) to paying down loans. According to its website, Embassy is also expanding its international market, with project initiatives in Malaysia and Serbia.
Embassy, which focuses on the development of large-scale business parks, reportedly looks to raise INR2,400 crore ($520 million) in its IPO, for which it submitted filings for last month. Reports did not identify if the $100 million investment would be counted as a pre-IPO placement. Institutions including UBS, Citigroup, Nomura and Edelweiss are reportedly advising Embassy on the IPO procedure.
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