UAE's ADIA, Kotak arm to invest USD 590 mn in Indian office spaces
- Country:
- India
Abu Dhabi Investment Authority along with an arm of Kotak Mahindra Bank will invest USD 590 million in Indian office spaces, both the entities announced on Monday.
Kotak Investment Advisors said it has closed its 12th real estate fund by forming the USD 590 million platform with a wholly-owned subsidiary of ADIA, as per an official statement.
The fund, which will be domiciled in the GIFT City, will invest in office spaces in the country, it said.
Kotak Realty Fund's chief executive Vikas Chimakurthy said it has raised around USD 1 billion to invest in the realty sector in the last one year.
Kotak Investment Advisors has raised, managed or advised more than USD 2.8 billion under its real estate fund series till now, as per the statement.
''Strong demand for offshoring, return to office increasing, growth of the services industry and Indian economy has seen substantial scope for creating a portfolio of quality office assets,'' Chimakurthy said.
Long-term demand for Indian office space is being driven by global organisations seeking to capitalise on the country's skilled workforce and fund seeks to focus on opportunities associated with the same, Mohamed AlQubaisi, executive director at ADIA's realty department said.
Kotak Investment Advisors' managing director Srini Sriniwasan said the company is aiming to be the ''go-to'' alternative assets manager for differentiated strategies for global investors, and called the fundraise as a first in the multiple pools of capital it intends to raise this year to address various alternative investment opportunities in India.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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