Billionaire Sam Zell said he will enter the Colombian and Indian real estate market in the next two weeks.
Zell, chairman of Chicago-based Equity International told Bloomberg television he is choosing to invest in Colombia and India instead of the U.S. due to low interest rates and high inflation in the North American nation.
Zell called Colombia “the next star of Latin America” and plans to first invest in real estate and subsequently residential projects. The businessman’s plan for India is to open a chain of hotels.
Equity International is investing $75 million in Terranum Development, a Colombia-based real estate company, with a two million square foot mixed-use complex near Bogota’s international Eldorado Airport that is currently in the works.
Equity International was founded in 1999 and has invested in real estate companies around the world in countries including Brazil, Mexico, and China.