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Dutch manager doubles stake in Indian hotel joint venture

first_imgThe latest investment is split €22m into Lemon Tree, and €13m into Fleur Hotels.Sachin Doshi, head of non-listed real estate Asia at APG Asset Management, said: “We originally invested with Lemon Tree to capitalise on the growing Indian consuming middle class and our positive view on the mid-scale hotel segment in India. We are long-term investors and see the current market conditions as a good opportunity to enhance our exposure with Lemon Tree.”He added: “We have a very strong relationship with the company and its management team and this transaction creates further alignment between APG, Warburg Pincus and Lemon Tree’s founders.”APG works closely with Lemon Tree and has board representation in both its ventures.Patu Keswani, Lemon Tree’s founder and chairman, has suggested that the company may make an initial public offering (IPO) in the next two years. Doshi said: “Lemon Tree informed us about this when we made our initial investment. Our intention is to continue growing the business and if there was an IPO, we’d be supportive. But we are still looking at it as a long-term hold.”Lemon Tree is APG’s first and only hotel investment in India. Typically, the pension fund asset manager identifies the sector it wishes to acquire exposure to, then invests in what it considers to be the best operator in that sector.Within India, it also has an investment in a residential development club with Mumbai-based Godrej Properties.Real estate as a whole currently makes up 9% of APG’s €27bn portfolio. India, However, forms a small part of APG’s Asian allocation.But Doshi said: “In the long run, we remain positive on India. It has a large, growing population and we do see a pathway to continued growth. Although this has slowed recently, we believe this recent investment is an opportunity to secure a long term asset at attractive valuations, and also to work with partners who share our long term views.” Dutch pension manager APG has invested a further €35m into Lemon Tree Hotels, a fast-expanding hotel chain in India.The latest investment doubles APG’s stake in the company to 13%. Warburg Pincus has a 25% holding.Lemon Tree, which is aimed mainly at mid-market domestic customers, currently owns 25 hotels in 15 cities, with 2,800 rooms. The chain is halfway through a strategic plan to build further hotels, bringing the total number of rooms owned or managed to 8,000 by 2017.APG first invested in the chain in March 2012 with a €100m tranche, split into a €27.5m injection in Lemon Tree and €72.5m in Fleur Hotels, a joint venture between APG and the hotel company, which was set up to build the hotels.last_img read more


The Most Environmentally Friendly Electric Cars For 2019

first_img Electric Cars With The Highest MPGe Ratings For 2019 New Tesla Model 3 vs Second-Hand Model S: Video In fact, according to an annual report complied by the American Council for an Energy Efficient Economy (ACEEE) seven out the 10 “greenest” vehicles sold in the U.S. for the 2019 model year are full electric cars. We’re featuring them here.But be aware that the ACEEE’s rankings are based on much deeper data than a given vehicle’s direct emissions. The organization’s detailed methodology further considers a car or truck’s overall impact on the environment, including manufacturing disposal impact, a model’s energy source, emissions from manufacturing, the impact of disposal and recycling, and emissions associated with electricity production.The latter is a critical variable in that EVs can still pollute the atmosphere, at least indirectly, via the power plants that produce electricity for a given region.Electric cars inherently tend to fare better in this regard when driven in California, New York, and the Pacific Northwest, where renewable energy resources are prevalent, and less so in central U.S. states like Colorado, Kansas and Missouri where fossil-fueled electric plants are most common. Still, a recent study conducted by the Union of Concerned Scientists concluded that EVs are generally responsible for less pollution than conventional vehicles in every state of the union.The industry’s cleanest model for the third year running, according to the ACEEE, is the Hyundai Ioniq Electric, which earns a “Green Score” of 67 points. The average Green Score among all vehicles is 42, with the industry’s environmentally “meanest” cars receiving as few as 20 points. Scores are based on an environmental damage index (EDX), which reflects its cost to human health from air pollution based on the aforementioned factors. A theoretical EDX of zero would warrant a Green Score of 100.All of the top-rated models cost between around $30,000 and $45,000 before the $7,500 federal tax credit and any other applicable incentives. Most offer an estimated operating range of over 125 miles on a charge, which is more than sufficient for the average daily commute. The top model on the list in that regard is the Hyundai Kona Electric at 258 miles per full jolt, while the most-efficient model ranked is the EV version of the Hyundai Ioniq at the electric equivalent (“MPGe”) of 150/122-mpg.Green Scores and other pertinent information for each of the more than 1,200 vehicles from the 2019 model year are available at the organization’s website.One caveat: The recent federal government shutdown kept the Environmental Protection Agency from providing a few models with the proper certification for 2019 (including the Tesla Model 3), and as such have not yet been evaluated by the ACEEE. The organization promises to update its rankings and its master database moving forward.7. VOLKSWAGEN E-GOLFThe American Council for an Energy Efficient Economy (ACEEE) rates the compact Volkswagen e-Golf four-door hatchback with an environmental damage index of 0.81 (lower numbers are better) and a Green Score of 62 (where higher numbers are favorable). It’s also rated at 126/111-MPGe city/highway, and features an operating range of 125 miles.6. HYUNDAI KONA ELECTRICThe small crossover-like Hyundai Kona Electric is rated to have an environmental damage index of 0.80 and a Green Score of 63. It’s estimated to achieve 132/108-MPGe and run for an impressive 258 miles on a charge.5. KIA SOUL EVOne of the funkiest-looking models among battery-powered cars, the Kia Soul EV receives an environmental damage index of 0.79 and a Green Score of 63. It’s rated at 124/93 MPGe and is estimated to run for 111 miles on a charge.4. HONDA CLARITY ELECTRICThe five-passenger Honda Clarity Electric sedan gets an environmental damage index of 0.76 and a Green Score of 64. It’s estimated to get 126/103 MPG3 and operate for 89 miles before needing a charge.3. NISSAN LEAFThe four-door Nissan Leaf hatchback remains one of the market segment’s top sellers, with a longer-range “e+” version coming this spring. The current Leaf is given an EDX of 0.79 and a Green Score of 63, with an estimated 124/99-MPGe and a 150-mile range.2. BMW I3The futuristically cast BMW i3 is tied for second place on the 2019 greenest car list with the Hyundai Ioniq Blue hybrid. It gets an environmental damage index of 0.74 and a Green Score of 65, and is rated at 124/102-MPGe with a range of 153 miles on a charge. With the optional range-extender gasoline engine it gets a Green Score of 63.1. HYUNDAI IONIQ ELECTRICTopping the ACEEE’s Greenest Car list for 2019 is the Hyundai Ioniq Electric crossover. With a top-ranked environmental damage index of 0.68, it gets a first-place Green Score of 67. It’s also rated at a class-leading 150/122 MPGe, though its operating range remains about mid-pack at 124 miles per charge. Here Are The Cheapest Electric Cars Available In The U.S. Author Liberty Access TechnologiesPosted on February 9, 2019Categories Electric Vehicle News Source: Electric Vehicle News HERE’S WHICH BATTERY-POWERED CARS ARE THE “GREENEST” ON THE ROAD, BASED ON MULTIPLE “CRADLE TO GRAVE” CONSIDERATIONS.Though many electric-car buyers simply want to lower their operating costs and avoid trips to a gas station, others are looking to drive the least environmentally harmful vehicles possible. Since EVs emit no direct tailpipe pollutants, logic would seem to dictate they would be among the cleanest rides on the road.More EV Basicslast_img read more