Factbox - Investors ready $1 billion war chest for office assets in India

NEW DELHI Thu Jun 26, 2014 3:43pm IST

Labourers work at a construction site on the outskirts of Hyderabad November 24, 2008. REUTERS/Krishnendu Halder/Files

Labourers work at a construction site on the outskirts of Hyderabad November 24, 2008.

Credit: Reuters/Krishnendu Halder/Files

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NEW DELHI (Reuters) - 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)

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