Real Estate

Real Estate Transactions

Gera Developments enter US property market with 4 projects in San Francisco

Economic Times  

Pune-based realty developer Gera Developments has entered the US property markets with four premium residential-led mixed use projects in San Francisco, with plans to invest over USD 150 million or INR 1,150 crore. It has set up its wholly owned US subsidiary, Outdo Inc. to invest in these project special purpose vehicles. Outdo Inc. owns a 50% stake in the first two projects, while the balance is with its partner, a US-based developer. Of these four projects, the developer has completed the construction of two projects located in the South of Market district in the immediate proximity of many technology companies including the headquarters for public companies Twitter Inc., Dolby Laboratories, Inc. and Square Inc. Gera expects both the projects, 1288 Howard on Howard Street and Le Centre at 42 Otis Street San Francisco, for which the company has invested around USD 120 million, to turn landmarks in their micro-markets. The developer will be undertaking the next two projects in the San Francisco Bay Area independently and these are currently in the design and approvals phase.