Vornado Realty Trust, the third- largest real estate investment trust in the U.S., is expected to invest more in Indian developer Chatterjee Group as economic growth fuels construction in Asia's fourth-biggest economy. According to Michael Fascitelli, Vornado President, the New York-based Vornado now owns about 25 percent of Chatterjee. Over the past two years Vornado has invested c. US$125 million in the company and its assets. Mr. Fascitellli was one of the speakers on a panel about regional investment at the annual convention of the National Association of Real Estate Investment Trusts in Las Vegas.
Chatterjee, which last year set up a $450 million fund for commercial real estate investment, has development projects including office buildings, research parks, homes and townships. International investors are seeking to tap India's property boom. U.S. and European property companies are eager to tap growth in Asia after the collapse of the U.S. subprime mortgage market and effects of the tightened credit markets.
According to Moody's Investors Services report in June this year, India's real estate sector may grow to $90 billion by 2015 from $12 billion in 2005.
Source: Bloomberg
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