Avanta embarks on passage to India
Kenmore-backed serviced-office operator Avanta has signed for its first two offices in India as it launches a 1m sq ft expansion drive in the country.
The group has taken a 32,000 sq ft office in Mumbai, adjacent to the city's stock exchange, and 21,000 sq ft at Statesman House, in the heart of Delhi's central business district.
Avanta said around half of the space at Statesman House, which opens in August, was already under offer.
Chief executive David Alberto said he expected to complete deals on around 250,000 sq ft more office space in Delhi, Mumbai, Banagalore and Dubai by the end of 2009.
Sean Morgan, formerly operations director for rival Regus in its Asia Pacific region, has become managing director of Middle East and India at Avanta.
"India is a huge growth economy", said Alberto. " There is tremendous interest from international occupiers that are looking for better quality office space than the market can currently provide."
He added: "India will be a bigger business than the UK in three years' time. We fully expect to have 1m sq ft in the country within that time."
Alongside its new operation in India, Avanta has agreed to form a joint venture with local developer Patel Realty- a division of Patel Engineering- to open serviced offices on several of its developments.
Avanta is also in discussions to launch a joint venture in China. It hopes to open serviced offices in Beijing and Shangai, and plans to build a Chinese portfolio of around 1m sq ft.
In the UK, Avanta manages more than 600,000 sq ft of office space in London, Manchester, Birmingham and Edinburgh.
Estates Gazette, 14.06.08