India Real Estate Monitor

Hyderabad-based Country club ltd. is now ready to expand its horizon through getting hold of properties in Dubai and Bangkok.
People close to the deal told Business Line that Country Club is in advanced stages of negotiation to buy an existing hotel property in Dubai. The sources said that the price of property will be near about Two Hundred crore. For the same the company may seek loans from local banks for up to Seventy five percent of the cost.
However, when contacted, Mr Y. Rajeev Reddy, Chairman and Managing Director of the company, refused to comment on the development, saying, “We are in an acquisition spree, and that is all I can say at present.”
The company recently mobilised Rs 486 crore through GDR/QIP issue priced at Rs 770 per share. Institutions such as Fidelity Investment, Goldman Sachs and New Vernon picked up 9.88, 6.59 and 4.94 per cent stake respectively. Of the mobilised funds, it has so far spent around One hundred twenty five crore on acquiring properties in various cities in the last couple of months, with the recent one being a three-acre property with a built-up area of 40,000 sq.ft on East Coast Road in Chennai for a consideration of  sixteen crore.
Prior to that, it took over an existing club at Khandivili West in Mumbai for Rs 25 crore. The company is also scheduling to invest another Thirty crore in developing and modernising these properties.