Tishman Speyer Properties and ICICI Venture form joint venture company to develop real estate in India

Owner of Class A Properties Around the World -- Including Rockefeller Center and Chrysler Center -- Partners with Leading Indian Private Equity Firm

April 11, 2005

NEW YORK, April 11, 2005 – International real estate owner /investor /fund manager Tishman Speyer Properties and ICICI Venture Funds Management Company, India’s largest private equity funds management company and a subsidiary of India’s second largest bank, today announced that they are forming a joint venture to develop real estate projects in India.

The new company, TSI Venture Limited, will pursue “ground-up” development of commercial office, residential and retail properties throughout India. The joint venture is the first in India involving a major U.S. real estate development company.

TSP and ICICI Venture each own 50 percent of TSI Venture and will invest in the projects it undertakes on a 50/50 equity basis. ICICI Venture, a wholly owned subsidiary of ICICI Bank, is active in the private equity field and has over US$800 mn Assets Under Management. It is raising capital to target the real estate sector and has launched a US$250 mn Fund focused for investment in real estate in India. All of its activity in real estate approved for foreign direct investment will be conducted through the new joint venture.

In addition to its equity investment contribution, TSP brings unrivalled global real estate development skills and relationships with some of the most active and successful multinational tenants.

Katherine Farley, a senior managing director at TSP, who is responsible for the firm's activity in emerging markets, will oversee TSP’s involvement in TSI Venture.

“India is clearly one of the most rapidly growing markets and a leading destination for foreign direct investment,” said Farley. “We are delighted to be teaming up with such a strong prestigious and knowledgeable local partner, and we are confident of the long-term success of the venture. We are particularly pleased to have the opportunity to build a long-term presence in India by developing world-class properties and furthering the country's economic development.”

The company intends to build a geographically diverse portfolio with a national presence that includes the largest urban and suburban markets in tier-one and tier-two cities. The joint venture is currently evaluating sites in a variety of cities including Mumbai and Bangalore.

Renuka Ramnath, the head of ICICI Venture, said, “With its proven track record and knowledge in the development field, Tishman Speyer is the perfect partner for us as we look to expand our activity in the real estate field. We believe TSI Venture will be a powerful force in India’s real estate industry, identifying and pursuing exciting projects that will complement and advance India’s continuing growth and progress.”

FOR MORE INFORMATION

ICICI Venture, incorporated in 1987, is the most experienced and largest private equity and venture fund management company in India with aggregate funds currently under management in excess of US$800 mn. It has pioneered investments in various emerging sectors such as IT, media, pharmaceuticals, etc. and was the first private equity investor to begin focusing on real estate two years ago. ICICI Bank is India’s second largest bank with aggregate assets of over US$34 bn. ICICI Bank is listed in India and on the New York Stock Exchange (NYSE).