India’s Hero Enterprise has formed a £500 million joint venture with Catalyst Capital, the European real estate investment and asset management firm, to invest in and develop hotels, serviced apartments and hospitality-led projects, initially in the UK and Ireland.
The joint venture plans to develop multiple projects with a significant equity commitment to acquire land and buildings. It will also look to invest alongside other landowners, owners or developers holding opportunities with hospitality potential.
”We believe this is an opportune time to expand our hotel development programme, leveraging the experience and expertise at Catalyst Capital combined with the reputation, management strength and credibility of Hero Enterprise,” said Rob Skelston, Head of Development for Hero Catalyst Hospitality Ventures.
“We are delighted to return to the United Kingdom through this joint venture with Catalyst Capital. In the previous decade, we built and managed HEROtsc, a large contact centre business in the UK; we enjoyed our experience and since then, Hero has been looking at interesting opportunities in Europe. This venture provides an ideal platform to establish a world-class hospitality development business in the region,” said Sunil Kant Munjal, Chairman of Hero Enterprise.
”While working with Hero Enterprise, we are aligning ourselves with one of India’s most credible business houses and Hero’s considerable business experience will complement our expertise in hospitality development and investment management,” said Julian Newiss, Chairman of Catalyst.