Tishman Speyer plans to expand business in larger cities

New York-based real estate developer Tishman Speyer (TS) today said it is planning expanding its business in larger cities of India.
"We are looking at all larger cities in India...We are optimistic that we will be able do certain new things in the larger cities. Our company always invests in places where we can do more than one project," company's chairman and co-chief executive officer Jerry Speyer told reporters here.
Tishman today unveiled its Phase 2.1 and also launched Phase 2.2 of WaveRock, its flagship property in India, an IT Park in the heart of IT/ITES SEZ of Gachibowli here.

Asked about the firm's roadmap ahead, Speyer, while not giving details, said: "Our plans are to expand our business and investments in India. I am very optimistic...The company is very optimistic."
On the company's investment plans for its Indian operations, he merely said, "It would be substantial. We have a large appetite to invest in India."
Speyer said the company is looking forward to soon start its Tellapur Technocity project in the city, which will be an Integrated Green City development under PPP with Telangana government.

"Raising money is not a problem (for Tellapur project)," he said.
On the government's announcement to provide necessary incentives for real estate investment trusts (REITs), Speyer said "anything that brings capital to an industry is positive."

WaveRock Phase 2.1 has been developed with an investment of around Rs 200 crore and will add 7 lakh sq ft of IT work space accommodating about 7,000 IT professionals.
The overall investment of Tishman Speyer in WaveRock project is over Rs 1,050 crore. Once completed, total area of Waverock will be over 2 million sq ft.
Speyer said the company was currently executing projects at five locations in China.
Besides 17 different projects were underway in four cities in Brazil, in addition to projects in Europe and the US.
The company operates over 358 projects totalling over 123 million sq ft with a portfolio of USD 66.8 billion in 11 countries.