Tishman Speyer looking to expand operations in India

Hyderabad, June 1 (IANS) Tishman Speyer, one of the world’s leading real estate developers, unveiled its first property in Asia here Tuesday and said it is looking to expand its operations to Mumbai and Delhi.

Company chairman Jerry Speyer told reporters after the opening of its IT park in the city that Tishman Speyer is interested in both acquiring existing property and building new ones.

‘We are at looking at several projects in India and have more than adequate funds available,’ he said, declining to give any numbers.

‘Capital is not a problem. Right opportunity is a problem,’ he said in reply to another query.

Tishman, which has operations in 30 cities across 11 countries, said it is also working on acquiring land parcels.

After commissioning the first phase of Waverock IT park and launching the second phase, the US-based developer is now looking at its second project in Hyderabad.

It hopes to start work on the integrated township project at Tellapur on the city’s outskirts by the first quarter of next year. Tishman is building the township on 100 acres with ICICI Ventures and Nagarjuna Construction Company as its partners.

The project was to come up on 400 acres. Speyer said technical issues forced them to downsize the project.

He said it would take some time for the company to make major investment. ‘There is incubation period before you do major investment. In Brazil, we started in 1995 and today we are the largest developer in that country.’

Tishman, which raised $2 billion four months ago for investment in different projects worldwide, was impressed with the opportunities in India.

Speyer said it would take some time for the real estate sector to catch up as it was only last year that the business started showing signs of revival after the downturn.

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