Asset manager Kotak Investment Advisors Ltd. and DivyaSree Developers Pvt. Ltd. established a $400 million fund to develop and acquire commercial office assets across India, Press Trust of India reported, citing the companies.
A wholly owned unit of sovereign wealth fund Abu Dhabi Investment Authority anchors the India Office Assets Fund I, with an approximate $200 million commitment. The remaining $200 million will be pooled in by Kotak Investment, an arm of Kotak Mahindra Bank Ltd., and developer DivyaSree, according to the publication, which cited Kotak Realty Funds CEO Vikas Chimakurthy.
Through the alternative investment fund, the two partners will develop greenfield projects and buy under-construction and completed properties across the country.
Citing DivyaSree Managing Director Bhaskar Raju, the March 19 report added that DivyaSree will expand to Mumbai, Pune and National Capital Region through the fund.