Dealmaker Shailendra Sabhnani, who was earlier an Executive Director and Head of Real Estate at Kotak Investment Banking has joined rival investment bank Morgan Stanley. Sabhnani confirmed his appointment in a late evening update on professional networking platform LinkedIn on 24th September.
Moneycontrol was the first to report the proposed move on July 3, 2021.
Sabhnani has joined the global investment banking powerhouse as Executive Director and will head it’s real estate operations in India. He replaces his predecessor S Sundareswaran who quit Morgan Stanley earlier this year to join real estate advisory firm Alta Capital and partner with ex-Blackstone executive Siddhartha Gupta.
A chartered accountant, Sabhnani has worked at Kotak Investment Banking for more than 13 years and has had previous stints at Edelweiss Capital, UTI Securities and RSM & Co.
Kotak Investment Banking has seen another key dealmaker exit from its equity capital markets team this year. On May 4, 2021, Moneycontrol had reported that Subhrajit Roy, an Executive Director and Head ( ECM origination ) at the domestic investment bank was likely to shift to BofA Securities as MD and Head ( Global Capital Markets) , India. Later, in August, Roy joined the global peer.
DEAL ACTIVITY : A ‘REALTY’ CHECK
Post a Covid-19 induced battering, the real estate sector bounced back in terms of equity capital markets deals with the listing of leading realtor Macrotech Developers ( formerly called Lodha Developers) in April. The firm’s stock price has doubled since its market debut. Recently, Mumbai based Puranik Builders filed its draft papers with market regulator Sebi to raise funds via an initial public offer. Chennai based Casagrand Builder Private Ltd is also eyeing a listing according to a report by Mint.
In October, 2020, Canada’s Brookfield Asset Management sealed India’s biggest property deal when it acquired 12.5 million square feet of rent-yielding offices and co-working spaces from RMZ Corp for $2bn. The last few years have also seen several REIT ( real estate investment trusts) transactions like the Embassy Office Parks REIT IPO, the Mindspace Office Parks REIT IPO promoted by Blackstone and K Raheja Corp and the Brookfield REIT IPO.
To be sure, a REIT or real estate investment trust is a company that owns, operates and manages, income-producing properties or real estate. Modelled after mutual funds, REITs pool the capital of numerous investors and generate steady income for their investors. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centres and hotels.Internet Explorer Channel Network