City Head - Real Estate

Position Overview

- The City Head Development is a key position as Business Development would play a key role in enabling the firm to provide differentiated services. Rental housing (student accommodation and co-living) is potentially a $100B opportunity for India. Great Technology, Business Development, Projects and Operations capabilities would be key to the success of this business.

- The business idea is to create a rental housing company in the student accommodation and co-living space and use a multi modal growth approach of asset ownership, greenfield development, leasing (land, cold shells, warm shells), conversions and management contracts to rapidly scale to dominance and have a profitable, high quality portfolio of 100,000 beds operating and 50,000 in pipeline by 2023. This portfolio would not only be dominant in market size but also have positive transformational impact on the lifestyle of its residents and the communities it helps forge.

Key asks

Lead and execute Property/Management Transactions for development of Student Housing / CoLiving Units at a fast pace in the allocated Region.

1. Strategize and prepare execution plan for identifying prospective markets and deal sourcing to create a strong development pipeline across key cities in the region. The strategy would incorporate a focus on ready properties, high return markets, product fitment, inventory scale, and geographical network to achieve the ROI desired by shareholders;

2. Create a heat map, indicating the development attractiveness, of the cities/micro markets in the allocated region - in consultation with the CDO. Focus proactive effort on rapidly activating operating supply in such identified priority markets.

3. Source the real estate: specific brief of the requirement communicated to a network of hotel consultants, IPCs, local real estate brokers established during visits to the city.;

4. Evaluate: Detailed Market, Financial and Development Environment analysis carried out to shortlist feasible investments amongst all deals sourced.

5. Structure transactions, where required:

a. to suit the nature of development (JV with Developers / Multi-Property Agreements with Educational Institutions / Acquisition of Existing Portfolios;

b.to mitigate the cost of acquisition (revenue share long term leases in high property price markets, acquisition of undivided share of land in master-planned developments, etc.)

6. Conduct Negotiations (commercial and document) and engage with Landowners on a consistent basis through the life-cycle of the transaction.

7. Coordinate and complete, with the help of Legal and D&C Teams, legal, architectural and cost due diligence on the proposed property.

8. Preparation and presentation of Project Investment Memorandum to seek internal approvals, and

9. Documentation, Execution and Closure of the various stages of Transaction.

Expected background

1. High energy individual with 8-12 years of work experience in Real Estate Transactions / Consulting.

2. Proven track record of evaluating and executing real estate transactions, conducting market/financial analysis, best-use feasibility studies, business location advisory.

3. Maturity and ability to respect and understand the sellers/owners- perspective and negotiate a - win-win- outcome that would engender trust and lead to recurring referrals and repeat transactions.

4. Real Estate Market knowledge of multiple Tier 1 to Tier 4 cities in India.

5. Should be comfortable in running financial models independently and conducting a basic architectural assessment for fitment of the property being evaluated.

6. Requisite personality and communication skills to represent the brand appropriately to developers and partners.

7. Such candidate may currently be employed with:

a. Property Developers across all real estate segments (Residential, Office, Hotels, Retail, etc.) in their respective Business Development Teams.

b. IPCs (JLL, C&W, CBRE and the like) in the Capital Markets, Land Transaction and Consulting Teams.

c. Private Equity Funds with exposure to Real Estate Investments.

Key deliverables

A. Transactions

1. Achieve target number of operating beds, per year, for the region. Execute transactions with a focus on ready and stressed assets which can be quickly turned around under the proposed brand.

2. Capture and present all demand and supply factors (including pricing and prevalent product types), by conducting secondary and primary surveys in the influence zone of the property being acquired.

3. Negotiate and finalize the Commercial Terms with the owners with a strong logic towards prevalent market and product affordability.

4. Ensure that the property acquired is un-encumbered with appropriate due diligences completed to mitigate any approval, construction, legal and cost risks.

5. Ensure smooth hand-over of the property to the Projects / Construction Team and due-hand-over of the property documents/agreement to the Legal and Finance Teams.

B. Development Pipeline and Network

1. Build a strong network of property brokers for sourcing properties in each focus market.

2. Establish relationships with Developers, Higher Education Institutions and key Corporates in the market for direct sourcing of properties and opportunities for doing multi-property transactions.

3. Channelize and engage with all IPCs and a concentrated team of local brokers, present in the respective region, on a continuous basis.

4. Create and implement a process for tracking all deals sourced across markets to build a formidable development pipeline.