NEW DELHI Foreign private equity funds and pension funds are among investors that over the last 12 months have committed to invest more than $1 billion to buy or build commercial property in India as the government works to finalise rules governing real estate investment trusts (REITs).
-In June, Brookfield paid about 33 billion rupees ($552.76 million) for a 60 percent stake in six parks from Unitech Corp Parks (UCP.L) and a 40 percent stake in four of the six from Unitech Ltd (UNTE.NS).
-In May, The Xander Group, an emerging markets investor, partnered with a consortium of investors lead by Dutch pension fund asset manager APG Asset Management N.V. to invest $300 million, with an option to increase it to $500 million, to buy leased office assets in big cities including Mumbai and Delhi.
-In November, Singapore warehouse and industrial park developer Ascendas Pte Ltd announced plans to invest in Indian real estate, focussing on office space, with a target asset size of S$600 million ($479.88 million). Singapore's sovereign wealth fund GIC will be a key investor.
-In November, Canadian Pension Plan Investment Board said it would invest $200 million in an 80 percent joint venture with Mumbai-based developer, Shapoorji Pallonji Group to buy leased office buildings.
-In July, Qatar Investment Authority decided to invest $300 million in a special purpose vehicle formed by developer RMZ Corp to buy and build leased office assets, mainly in south India. Baring Private Equity has a 21 percent stake in the vehicle which it bought in 2012 for 5 billion rupees.
($1 = 1.2503 Singapore dollars)
($1 = 59.70 rupees)
(Reporting by Aditi Shah; Editing by Matt Driskill)
Trending On Reuters
With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column