Katherine Farley, a senior managing director at TSP, who is responsible for the firm's activity in emerging markets, will oversee TSP's involvement in TSI Venture. She tells GlobeSt.com that TSP was attracted to India because of its growing economy. "India is clearly one of the most rapidly growing markets and a leading destination for foreign direct investment."

The company intends to build a geographically diverse portfolio with a national presence that includes the largest urban and suburban markets in tier-one and tier-two cities. The joint venture is currently evaluating sites of 150 acres or so in a variety of cities including Mumbai and Bangalore, Farley notes.

The pair is not alone in choosing India. Recently, Royal Indian Raj International Corp. secured a $547-million equity commitment structured as a line of credit to help fund development of Royal Garden City, a 6,000-acre development near the new Bangalore International Airport. The line of credit is one of several instruments being used for the development's $9-billion first phase, which will include 146.3 million sf of built space. The first phase will include 35,000 residential units, a central business district, industrial district, entertainment district, parks, restaurants, shopping, educational facilities and civic amenities. An estimated 300,000 to 500,000 people are expected to live, work and play within the city daily.