India: Real Estate And Structured Finance: Fund Raising And Fund Investments – Innovative And Emerging Structures
Last Updated: 24 November 2015
  • Analysis of most recent reforms liberalizing foreign investment in real estate
  • Discussing legal and tax challenges of listed bonds in real estate
  • Analysis of recent amendments to Arbitration Act and setting up of Commercial Courts

Thursday, November 19, 2015

5:00 PM - 6:30 PM (IST) – Session

6:30 PM - 7:30 PM (IST) – Cocktails



Government of India announced big bang reforms for FDI in construction development on November 10, opening up stabilised real asset assets to foreign direct investments and also dispensed wth the requirements of minimum capitalisation and area requirements. Intent is very clear – attract foreign investments, as Modi has been echoing in his charisma. We have seen that charisma work, and 2015 was an interesting year for both real estate and structured finance from an offshore investment perspective. While a majority of private equity deals in real estate were largely structured debt deals involving listed bonds in its variations, few big ticket pure equity deals did manifest the resurgence of equity in real estate. From a fund formation perspective, we witnessed enhanced interest in captive investment platforms with reputed institutional developers. We also witnessed substantially enhanced, though cautious, offshore LP interest in Indian real estate.

In this round table, we discuss the most recent amendments to the FDI policy relevant to construction development, and other structures and strategies for foreign investment in real estate and structured finance that we see as innovative and emerging in our role as legal and tax consultants to LPs, GPs and offshore private equity funds.

Focus Area

A. Fund raising

  • What are LPs looking at?
  • Mushrooming real estate investment platforms – what's so interesting about it?
  • Is the NBFC market still going strong?
  • Real estate AIF v. NBFC v. Listed bonds – what works best?

B. Is equity back in real estate?

  • What is driving equity in real estate?
  • Discussing the most recent reforms in FDI in real estate norms and challenges of equity in real estate
  • Equity investments in completed assets – permitted or not?
  • Safeguards to be considered

C. Structured debt

  • Listed bonds and grappling with the 3 year lock in – what does it mean and how is it computed?
  • Structuring principal repayment during lock – in
  • Redemption premium – capital gains or business income? How is to be treated in the books of the investor and the investee?

D. Changing landscape of dispute resolution mechanisms in India

  • Recent path breaking amendments to arbitration act and setting up of specialised commercial courts

Flow of the Session

4:30 PM TO 5:00 PM (IST):


5:00 PM TO 6:15 PM (IST):

Panel Discussion

6:15 PM TO 6:30 PM (IST):

Q & A

6:30 PM TO 7:30 PM (IST):

Cocktails and Networking



President & Chief Executive Officer, Genkai Capital Management Co Ltd

Masatoshi Matsuo is the Founder, President and CEO of Genkai Capital Management Co., Ltd., a Japanese real estate fund management and investment advisory firm managing a real estate portfolio of approximately US$ 3 billion. Before founding Genkai Capital Management, Mr. Matsuo served as president of Fukuoka Realty, where he successfully executed the initial public offering of the Fukuoka REIT Corporation. Wharton School MBA and Lauder Institute MA; University of Pennsylvania. BA in Law; University of Tokyo


Managing Director, Capital Markets, Jones Lang LaSalle

Shobhit Agarwal is a Managing Director, Capital Markets for Jones Lang LaSalle India. Shobhit advises & structures real estate investment transactions on behalf of realty funds, institutional investors, family offices and developers. Shobhit manages investments in income generating properties, green-field & under construction development projects, distressed asset sales as well as restructuring corporate real estate portfolios. He also manages relationships at private and corporate levels with key customers and also oversees cross border flow of capital and fund raising for domestic & international funds in India.


Partner, Private Equity and M&A, Nishith Desai Associates

Nishchal Joshipura is the Partner – in – charge of Private Equity and M&A, Nishith Desai Associates. He also heads fund formation and real estate investments practice. He is a Chartered Accountant, an MBA and a Lawyer. Nishchal specializes in legal and tax structuring of cross-border transactions besides documentation and negotiation of deals.


Co-Head, Private Equity and M&A, Nishith Desai Associates

Ruchir Sinha co-heads Private Equity and M&A Practice and heads the Real Estate Practice Group at the firm. Ruchir has also been involved in advising on setting up of fund formation and several leading real estate investment platforms. He also contributes to policy development for private equity and debt in real estate in India through several international associations and was most recently involved in drafting of the SEBI REITs Regulations. He was nominated amongst the top 3 lawyers in India (under 35 category) at IDEX Legal Awards. He is also the recipient of the Real Estate Section Scholarship of the International Bar Association for his paper on 'Funding Real Estate Projects'.


Partner, Securities and International Commercial Dispute Resolution Practice, Nishith Desai Associates

Vyapak Desai is the Partner-in-charge of Corporate Securities and International Litigation Practice group at the firm. He represents clients in a wide-range of services with a special focus on cutting edge cross-border and complex litigations and international commercial arbitrations. He has extensive experience advising clients with creative and pragmatic solutions in order to attain effective dispute resolution strategies. He has a deep understanding of corporate and securities laws and specializes in litigation related to securities laws.

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