US realty firm acquires 30% in Chesterton

Trammell Crow Company (TCC), the US-based diversified commercial real estate services company, has bought a 30 per cent stake in Chesterton Meghraj Property Consultants (CMPC), a realty services company of Meghraj Properties.

The move is expected to enhance TCC's service capabilities for its US clients in India. While Chesterton Meghraj will be able to cash in on the global expertise of TCC.

Following the deal, Trammell Crow Meghraj will be owned jointly by TCC, Meghraj Properties and Sundown Developments. Trammell Crow Meghraj will be a full service property consultancy specialising in research, consultancy, agency, project management and property/facilities.

Bob Sulentic, TCC's chairman and CEO, said, "Some of our best and deepest client relationships in outsourcing and brokerage have facilities and growth plans for India. We expect Trammell Crow Meghraj to be an integral part of the service delivery model for these customers."

"The combination of TCC and their partners globally with Trammell Crow Meghraj locally will allow our successful business to grow, adding best US practices to the high standards we have in India. Having concentrated on developing our local profile, our partnership with TCC will widen our reach to the rest of the world's organisations that wish to come to India," said Rohin Shah, managing director of Meghraj Properties.

Trammell Crow Meghraj now manages 26 million square feet in India with a client base comprising corporations, institutions and governmental organisations, as well as foreign and Indian retailers like British Airways, Dell, IBM, Reliance, McDonald's and Pizza Hut.

"Chesterton Meghraj began operations in India 10 years ago and we have seen opportunities in the Indian real estate sector grow multifold. Our partnership with TCC will allow US corporates who are the largest overseas investors in India an integrated real estate solution platform that services their local requirements in India," said Anuj Puri, managing director of CMPC.

TCC also will acquire a separate 30 per cent interest in Workplace Management Consultants (WPM), a wholly owned subsidiary of CMPC that provides asset management services, bringing its effective ownership interest in WPM to 51 per cent.

WPM manages over 18 million square feet of prime real estate in India, including call centres, corporate offices, malls, residential complexes, research and design centres, and hospitals.