Red Fort Capital and Parsvnath Launch 'Red Fort Parsvnath Towers' Grade A Office Project in New Delhi's CBD
Prime Location in Connaught Place Adjacent to The Metropolitan Hotel
26 Oct, 2010, 06:43 ET
PORT LOUIS, Mauritius, Oct. 26 /PRNewswire/ -- Red Fort Capital and Parsvnath Developers Ltd. announced today the launch of "Red Fort Parsvnath Towers", a 300,000 s.f. Grade A office project in Connaught Place, New Delhi's supply-constrained CBD. Located on a 5-acre parcel adjacent to The Metropolitan Hotel and convenient to a metro station, the landmark Red Fort Parsvnath Towers will offer tenants world-class design, modern floor plates and compelling value. Red Fort has committed $26 million to the transit-oriented development, which is being developed in accordance with a Delhi Metro Rail Corporation concession agreement.
Red Fort Capital, a leading private equity real estate firm focused on India, has invested in residential, office and mixed-use projects throughout India's Tier 1 cities. Mr. Parry Singh, Managing Director of Red Fort, states that "We are delighted to back Parsvnath's new office project in Delhi's CBD. Parsvnath is a proven developer of transit-oriented developments, and Red Fort Parsvnath Towers' location is second to none, given its central location within Connaught Place, strong in-place infrastructure and close proximity to a metro station."
New Delhi's CBD currently lacks sufficient Grade A office supply, and Red Fort Parsvnath Towers will enable office end-users to upgrade into a modern commercial campus with ample parking and international amenities. Mr. Subhash Bedi, Managing Director of Red Fort elaborates that "The market and end-users alike recognize that Red Fort's backing ensures expedited delivery timelines, superior construction technology and enhanced product quality."
Mr. Pradeep Jain, Chairman of Parsvnath, confirms that "This project will set a new international benchmark for the commercial property market in India. We are pleased that Red Fort Capital and Parsvnath have further strengthened their long-term relationship with this landmark project, which will be a welcome addition to the Connaught Place skyline."
About Red Fort Capital
Red Fort Capital is a leading private equity real estate firm focused on India. The firm's global institutional investors include sovereign wealth funds, pension funds and insurance companies. Red Fort Capital received GIREM's 2010 "Investor of the Year" Leadership Award, and PERE magazine ranked Red Fort Capital as a "Top Ten Emerging Manager" worldwide in 2008. For further information about Red Fort Capital, please visit www.redfortcapital.com.
SOURCE Red Fort Capital
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