Wells Fargo jettisons real estate investment arm in India, citing poor performance

shutterstock_9199675Wells Fargo, a US-based financial company, shuttered its real estate investment arm in India due to poor returns on investments. The company entered the Indian market just four years ago investing in several real estate projects in Delhi and Bangalore.

“India is falling out of favour due to its weakening macro environment. [The] majority of foreign funds that are operating here have not been able to fetch solid returns on their investments,” Ambar Maheshwari, managing director at  Jones Lang LaSalle, told Indian daily The Economic Times. “Given a choice, they are doing all they can to consolidate their positions. But this is not isolated to any specific sector like real estate, and macro-economic fundamentals need to be corrected before we see any change in this.”

The move comes shortly after another multinational private investment firm, Starwood Group, closed its office in India, continuing a mass exodus that began during the global financial slowdown when global investors such as Lehman Brothers, Bank of America and Merrill Lynch exited the Indian real estate market.

Private equity investments in Indian real estate plummeted through H1 2013, experiencing a 46 percent year-on-year decline, according to statistics from international property consulting firm Cushman and Wakefield.



Filed Under: IndiaNewsNews by Country

Tags:

You may also like:



RSSComments (3)

Leave a Reply | Trackback URL

  1. The above mention project is very attaractive but i found one more project that should also be more interesting Assotech Breeze 88b Gurgaon By Sandeep Chandna

  2. I am happy to hear the development plan for the Bhiwadi not just because we have invested hear. 1 BHK Bhiwadi
    It is really proud moment to know our city is doing better and connectivity is improving here. These

    plans are great relief for commuters travelling between Delhi and Bhiwadi. http://jeetproperties.com

  3. Hometrust says:

    Thanks for sharing the important information with us about the real estate market

Leave a Reply