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Fact box: Investors' $1 billion war chest for office assets in India

Jun 26 2014, 15:58 IST
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In June, Brookfield paid about $552.76 mn for a 60 per cent stake in six parks from Unitech Corp Parks. In June, Brookfield paid about $552.76 mn for a 60 per cent stake in six parks from Unitech Corp Parks.
SummaryForeign private equity funds have committed to invest in commercial property in India.

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 Indian rupees ($552.76 million) for a 60 per cent stake in six parks from Unitech Corp Parks and a 40 per cent stake in four of the six from Unitech Ltd.

* 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 per cent 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 per cent stake in the vehicle which it bought in 2012 for 5 billion rupees.

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