Chicago-based Vestian Global Workplace Services, an integrated real estate services provider has announced to invest Rs 1,500 crore in India and China over the next 18 months. The company, which raised the fund from global investors, said about 70 per cent of the proposed investment was earmarked for the Indian market.
“We have started interacting with the developers in India and once we have the SEC approvals in place, we will start investing,” said Shrinivas Rao, CEO, Asia Pacific, Vestian Global Workplace Services. Within India, the company will focus on three key southern markets including Bangalore, Chennai and Hyderabad. Globally, it is looking at development of commercial space in India, China and the MiddleEast.
Explaining the increasing need for office workspace in Hyderabad despite ambiguity over a separate state, Rao said, “Within the last three quarters, about five million sq.ft office space has been absorbed by corporates creating about 50,000 jobs in Hyderabad.” According to estimates, office space of about 2.5 million sq.ft is lying vacant. “We are exploring investment potential in all categories including new ventures and distressed projects. Once the SEC approvals are in place by end of February, we hope to sign agreements with developers in the next three months,” Rao said.
