Portfolio
Taj Gateway, Kolkata
1
Project Details:
Asset Class : Hospitality Development
Land : 1.90 acres
Leasable / Saleable Area : 0.20 million sq ft
Location : Kolkata, West Bengal
Indian Portfolio Company : Jalan Intercontinental Hotels Private Limited
Development Partner : Jalan Group
Investment Date : July 2008
Completion Date : March 2011
Funds Committed : EUR 4.62 million
Funds Disbursed : EUR 2.64 million
Equity Stake : 40%

Project

The project is located in the eastern part of Kolkata, amongst the largest and most prominent cities of India. Kolkata, traditionally the commercial, education and financial hub of Eastern India, is fast emerging as a major IT/ITES hub. A number of prominent companies setting up facilities in the city to take advantage of its large pool of English speaking technically qualified manpower base and relatively lower real estate costs.

Our partner here is the Jalan Group, a prominent Kolkata based family with a successful background in trading activities. The group has also been involved in property development, automobile retailing and financial services.

The construction on the project site is in progress and the first slab has been cast. We have entered into an operator agreement with the Taj Group of Hotels for their Taj Gateway brand for the property. The hotel is expected to be operational by March-April 2011.



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