News Digest

14 December 2017
TCG in talks to buy out Vornado Realty's stake

The Chatterjee Group (TCG), promoted by non-resident investor Purnendu Chatterjee, is in talks to buy out Vornado Realty Trust, the strategic partner in its Indian real estate business, said two people aware of the development. Vornado is a real estate investment trust (REIT) based in the US with investments in commercial and retail properties. TCG's Indian real estate business includes TCG Real Estate and an offshore investment platform—India Property Fund—which it started in partnership with Vornado. TCG is active across sectors such as petrochemicals, software, life sciences, real estate, financial and information technology services. “TCG has been in talks for a while with Vornado to buy out the latter's stake in their joint investments in Indian commercial real estate properties. The transaction is expected to be closed soon and is likely to be worth several hundred million dollars,” said one of the two persons cited above, requesting anonymity as he is not authorized to speak with the media.

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