CapitaLand and Pantaloon forge India JV

A $263 million real estate fund is raised to take advantage of the explosive growth in Indian retailing.
Singapore's CapitaLand and India's Pantaloon Retail yesterday April 19 signed a joint venture agreement for operating in India. As part of the agreement CapitaLand Retail India Investments has subscribed to $75 million of the Pantaloon-backed real estate fund, Horizon Realty Fund LLC. Horizon announced the fund would have an initial closing commitment of $263 million including the CapitaLand subscription of $75 million, which represents 28.5% of the total.

The partnership between Pantaloon and CapitaLand brings together two giants in their respective arenas, both with complementary strengths. Pantaloon is the largest retailer in India with businesses including fashion, food, general merchandise, and home furnishings. It currently has a market capitalisation in...
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