In a deal specially crafted for a cricket-obsessed populace, Anglo Indian is looking to woo wealthy Indians to buy homes in tony residential complexes that will include cricket academies and clubs. "The money will be used to invest in 12 residential communities that will offer a range of highquality cricket facilities," says Richa Karpe, founder and executive director of Altamount Capital. For MCC, this marks a first-of-its-kind venture where it has entered into a licensing agreement with real estate and investment company, Anglo Indian, through its subsidiary MCC Overseas (MCCO). Anglo Indian now has the right to use the MCC and Lord's brand in India.
"It was the first of its kind to be signed by MCC or a subsidiary of the Club with respect to property developments in India," says Abi Carter, deputy head of Media and Public Affairs, MCC. The MCCO board is expected to meet with Anglo Indian in due course to discuss the project, she adds. The total project cost is estimated to be between Rs 150-200 crore. "The announcements for the first two sites should be made by the end of the calender year," says Altamount Capital's Karpe.
Investors will be allowed to participate at an individual project level, by forming a special purpose vehicle, or invest in the holding company directly. The first two projects are expected to be operational by late-2014 or early-2015.
"Altamount is the only investment company that has been mandated by Anglo Indian to raise funds for the project," Karpe says. Anglo Indian is currently in talks with a number of real estate developers around the country to develop the projects.
While the cricket academies, which will come up first, will bear the MCC brand, the organisation itself is not expected to play an operational role.
An emailed questionnaire sent to Anglo Indian did not elicit any response at the time of going to press. A venture combining sports, entertainment and real estate is an attractive investment opportunity for any investor, according to Karpe, which, given the proposed size of the project, can also reenergise a jaded real estate market.
"The sports and entertainment sector is undervalued in India, and is still at an early stage investment-wise. Most investments, so far, haven't had sports as a core focus. But there are signs that the industry is about to mature," says Nandan Kamath, advocate and managing trustee of GoSports.
India's sports and entertainment sector is being seen as a lucrative investment destination for investors - retail and institutional - as they look to diversify their portfolios. Started in 2008, Altamount Capital currently supervises assets of about Rs 2,000 crore, with average net worth of clients at between Rs 300 crore to Rs 400 crore, with investable assets of about Rs 75 crore and upward.
Source: economictimes.indiatimes.com
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