By Rohit Sharma
Kotak Investment Advisors Limited (KIAL) today announced that it has launched a new fund which will partner with DivyaSree Developers, a leading Bengaluru-based real estate developer, to develop and acquire commercial office assets across India.
“The $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,” said the company in a statement.
It further added, DivyaSree is the development partner and property advisor for the fund and KIAL will act as an 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.
Bhaskar N Raju, Managing Director of DivyaSree Developers said, “With this fund, we will consolidate our position in the Bengaluru, Hyderabad and Chennai cities and also expand footprints in new key markets of Mumbai, Pune and NCR.”
Vikas Chimakurthy, CEO of Kotak Realty Funds said: “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.”