JP Morgan pumps $60 mn in Lodha project

JP Morgan's Principal Real Estate Investments has invested $60 million (approximately Rs 270 crore) in a property project with Lodha Builders. JP Morgan's investment in Lodha Bellissimo, a premium residential development at Apollo Mills, is one of the largest foreign direct investments in the Mumbai real estate projects.

Apollo Mills, located at Mahalaxmi in Mumbai, was one of the mill lands sold by the National Textile Corporation (NTC).

Tyler E Goodwin, vice-president of JP Morgan, who is responsible for investing in real estate across Asia, except China, said India offers some of the best risk-adjusted returns in the Asian region.

"Lodha Builders' Bellissimo development represents everything we look for in a strong investment "" a reputable partner with a strong track record. We have invested significant time and effort in understanding the market and the key players in the market," he said.

He added that with a market based on solid real estate fundamentals and a project with a great design and location and with superior supply and demand dynamics, JP Morgan looks forward to a long and fruitful partnership with Lodha Builders in Bellissimo and in its future growth plans.

Abhinandan Lodha, director, finance, Lodha Builders, said, "We are in a phase of aggressive expansion across western and southern India, with a focus on premium residential as well as retail and office space projects.

JP Morgan's investment gives us the ability to access resources to fuel our growth plans, which will make us amongst the top 5 real estate developers in the country by 2008."