Tishman Speyer and ICICI Form JV

NEW YORK CITY-Tishman Speyer Properties and ICICI Venture Funds Management Co. formed a joint venture, TSI Venture Limited, to develop real estate projects in India. The venture, which is the first involving a US real estate development company, will pursue ground-up development of commercial office, residential and retail properties. TSP and ICICI each own 50% of TSI Venture and will invest on a 50/50 equity basis. ICICI has launched a $250-million fund targeted for the venture.

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.