Mumbai, Feb. 27: US-based private equity fund DE Shaw has invested Rs 1,000 crore ($250 million) in Mack Star Marketing Pvt Ltd, a Wadhawan Group company.

DE Shaw has been in the news lately after it picked up a 5 per cent stake in Orient-Express Hotels and demanded clarity on the poison pill defence that the Bermuda-based luxury hotels and cruise outfit had erected to ward off overtures for an alliance from the Tata-owned Indian Hotels Company Ltd.

Housing Development and Infrastructure Ltd (HDIL), a leading real estate developer with operations in Mumbai, is part of Wadhawan Group.

“Mack Star Marketing is developing a commercial complex covering about 54,000 sq meters at Swami Nityanand Marg in Andheri (east). The development rights for the project will be granted by HDIL,” Mack Star said in a statement.

As on December 31 last year, HDIL had a land bank of around 132 million square feet. HDIL recently sold the development rights for its Kaledonia project in Andheri to Mack Star for Rs 900 crore. The turnover for the project will be accounted for in Mack Star’s current quarter.

HDIL sold the land at close to Rs 20,000 per square feet, which is on the upper side of the price band. Market analysts had expected the company to announce the deal sometime in fiscal 2009.