Värde Partners, New Vernon's Rs 1,000-cr realty deal hits approval wall

New Vernon's investment panel casts a cloud over Värde's earlier investments

Minneapolis-based fund manager Värde Partners’ plans to acquire the commercial properties of New Vernon Capital in Gurugram and Noida have hit a roadblock due to the former not getting necessary approvals from its investment committee, said sources in the know.

“The investment committee did not approve of the investments since some of the previous investments of Värde in India are not performing very well,” added sources.

The deal was expected to be worth more than Rs 1,000 crore, with the complex in Gurugram’s Udyog Vihar alone costing Rs 600-700 crore, informed sources.

Both properties have a total area of 1