Mitsubishi invests in real estate for 1st time in India 

BENGALURU: Mitsubishi has made its first real estate investment in the country, in Shriram Properties. The Japanese company’s real estate arm DRI India will invest about Rs 180 crore to buy 70 per cent stake in an ongoing residential project named Shriram Park 63 in Chennai.
The project has more than 1,450 units and 2 million square feet of saleable area. Shriram said it has done presales of over 25 per cent of the project, which has revenue potential of over Rs 1,000 crores in the next 3-4 years.
“With changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies towards creating sustainable value for stakeholders,” Shriram managing director M Murali said. “We truly feel that Shriram is our best partner for our first project in India. Given its strong brand, execution and delivery track record, and focus on customer value, we believe this partnership will support our growth aspirations,” Kentaro Koga, CEO of DRI India, said.
[“Source-timesofindia”]