Prachish Vasudeva to helm A&M's new India real estate practice
Alvarez & Marsal has brought 30+ year real estate veteran Prachish Vasudeva on board to set up and helm its India real estate practice. The move is aimed at supporting a distressed real estate sector during Covid-19 and beyond.
The new practice will support Alvarez & Marsal’s real estate clients with strategy, investment, restructuring, performance improvement and innovation – services that the consulting firm already delivers but will now do so through a formalised, sector-specific channel.
“I am excited to join Alvarez & Marsal in India as the firm begins its next phase of growth. Alvarez & Marsal has successfully leveraged its legacy of restructuring to expand its offering across multiple sectors,” said Vasudeva – who has a wealth of experience across real estate functions.
Over three decades in the sector, Vasudeva has managed well over 7 million square feet in construction projects across the UAE and India. This includes a $1 billion plus MotorCity development in Dubai when he was Project Manager at Union properties, and three projects worth nearly $2 billion – also in Dubai – as Manager for Design Development at Limitless.
In India, Vasudeva has managed more than 4 million square feet of projects as Vice President & Head of Development at Ireo. Most recently, he was Senior Director and Business Head for residential real estate at Hines – where he managed the India projects of a $250 billion fund.
His latest role at Alvarez & Marsal will also lean more towards the finance function. “One of my focus areas will be the operational restructuring of distressed real estate companies, with the goal of preserving and sustaining value for lenders, investors and bankers – a long-standing need of this sector,” he said.
Delivering support
According to Vikram Utamsingh, Managing Director & Country Head at Alvarez & Marsal India, now is an opportune moment for the firm to cement its place in the real estate market, as it grapples with Covid-19 and its repercussions.
“The Indian real-estate sector is set to witness a major overhaul as it deals with the pandemic and its aftermath. This environment presents challenges as well as exciting opportunities,” he said. Alvarez & Marsal is now poised to help clients identify these transformation opportunities, and Vasudeva appears the right man to lead this charge.
“Prachish’s expertise in the distressed real estate sector will help A&M develop the bench strength to build a differentiated offering that addresses the market’s current and future needs,” he said, adding that his experience was the right fit for “the firm’s operational heritage and its leadership, action and results oriented approach.”
