Kotak Realty Fund partners with DivyaSree for commercial office opportunities
Bengaluru (Karnataka) [India] March 20 (ANI/BusinessWireIndia): Kotak Investment Advisors Limited ('KIAL') announced that it has launched a new fund which will partner with DivyaSree Developers ('DivyaSree'), a leading Bengaluru-based real estate developer, to develop and acquire commercial office assets across India.
ANI
Mar 20, 2019 09:12 IST
Bengaluru (Karnataka) [India] March 20 (ANI/BusinessWireIndia): Kotak Investment Advisors Limited (‘KIAL’) announced that it has launched a new fund which will partner with DivyaSree Developers (‘DivyaSree’), a leading Bengaluru-based real estate developer, to develop and acquire commercial office assets across India.
The USD 400 million India Office Assets Fund I is anchored by a wholly owned subsidiary of the Abu Dhabi Investment Authority (‘ADIA’) and is one of the largest dedicated commercial office development platforms announced in India. DivyaSree is the exclusive development partner and property advisor for the fund and KIAL will act as the investment manager. It is structured as an Alternative Investment Fund under SEBI regulations.
The fund’s strategy is to develop greenfield projects as well as acquire under construction and completed assets across key commercial office markets in India.
“We currently provide quality commercial spaces across South Indian cities of Bengaluru, Hyderabad and Chennai, where DivyaSree is a major player. With this fund, we will consolidate our position in the three cities and also expand footprints in new key markets of Mumbai, Pune and National Capital Region (NCR)”, said Bhaskar N Raju, Managing Director of DivyaSree Developers.
“We have a compelling opportunity to develop and operate quality commercial assets for marquee global customers. This is the first time in India where a financial institution and a developer have come together on a fund platform”, said Vikas Chimakurthy, CEO of Kotak Realty Funds.
“As we scale the asset management business, we will work with like-minded partners and create appropriate platforms to address a variety of capital requirements in India”, stated S Sriniwasan, Managing Director & CEO, KIAL.
This story is provided by BusinessWireIndia. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWireIndia)
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