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Altamount Capital Management a Mumbai based firm that manages the wealth of high networth Indians, is
raising a pool of Rs 100 crore upwards from its clients, to invest in a
project being developed by Anglo Indian, a real estate development and investment company, backed by the iconic Marylebone cricket Club (MCC).
In a deal specially crafted for a cricket-obsessed populace, Anglo Indian
is looking to woo wealthy Indians to buy homes in tony residential
complexes that will include cricket academies and clubs. "The money will
be used to invest in 12 residential communities that will offer a range
of high quality cricket facilities," says Richa Karpe, founder and
executive director of Altamount Capital. For MCC, this marks a
first-of-its-kind venture where it has entered into a licensing
agreement with real estate and investment company, Anglo Indian, through
its subsidiary MCC Overseas (MCCO). Anglo Indian now has the right to
use the MCC and Lord's brand in India.
"It was the
first of its kind to be signed by MCC or a subsidiary of the Club with
respect to property developments in India," says Abi Carter, deputy head
of Media and Public Affairs, MCC. The MCCO board is expected to meet
with Anglo Indian in due course to discuss the project, she adds. The
total project cost is estimated to be between Rs 150-200 crore. "The
announcements for the first two sites should be made by the end of the
calender year," says Altamount Capital's Karpe.
Investors will
be allowed to participate at an individual project level, by forming a
special purpose vehicle, or invest in the holding company directly. The
first two projects are expected to be operational by late-2014 or
early-2015.
"Altamount is the only investment company that has
been mandated by Anglo Indian to raise funds for the project," Karpe
says. Anglo Indian is currently in talks with a number of real estate
developers around the country to develop the projects.
While
the cricket academies, which will come up first, will bear the MCC
brand, the organisation itself is not expected to play an operational
role.
An emailed questionnaire sent to Anglo Indian did not
elicit any response at the time of going to press. A venture combining
sports, entertainment
and real estate is an attractive investment opportunity for any
investor, according to Karpe, which, given the proposed size of the
project, can also reenergise a jaded real estate market.
"The sports
and entertainment sector is undervalued in India, and is still at an
early stage investment-wise. Most investments, so far, haven't had
sports as a core focus. But there are signs that the industry is about
to mature," says Nandan Kamath, advocate and managing trustee of
GoSports.
India's sports and entertainment sector is being seen
as a lucrative investment destination for investors - retail and
institutional - as they look to diversify their portfolios. Started in
2008, Altamount Capital currently supervises assets of about Rs 2,000
crore, with average net worth of clients at between Rs 300 crore to Rs
400 crore, with investable assets of about Rs 75 crore and upward.
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