European real estate investment and asset management firm Catalyst Capital has created a £500 mln (€560 mln) joint venture with Hero Enterprise of India, the family office of Sunil Kant Munjal.
The joint venture, Hero Catalyst Hospitality Ventures, will invest in land and properties to develop hotels, serviced apartments and hospitality-led projects, initially in the UK and Ireland, according to the parties.
'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.
The team behind the venture said it was already delivering in excess of 1,000 hotel and serviced apartment rooms in Manchester and Edinburgh.
Munjal, chairman of Hero Enterprise said: 'We are delighted to return to the UK 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.'