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

Unitech

26/06/2014 11:06

NEW DELHI, June 26 (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 Indian 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  ASCND.UL  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 Indian rupees) 
 
 (Reporting by Aditi Shah; Editing by Matt Driskill) 
 ((aditi.shah@thomsonreuters.com)(+91-11 4178 1031)(Reuters 
Messaging: aditi.shah.thomsonreuters.com@reuters.net)(twitter: 
@aditishahsays)) 
 
Keywords: INDIA REITS/