Kotak and ADIA launch a $590 million real estate fund to invest in Indian office assets
- ByStartupStory | June 21, 2022
Kotak Investment Advisors Limited (KIAL), the Kotak Mahindra Group’s alternative investment arm, has announced the closing of its 12th Real Estate (RE) Fund, which invests in office assets in India.
Kotak Group stated that KIAL has developed a $590 million (about Rs 4,600 crore) platform with an Abu Dhabi Investment Authority (ADIA) wholly-owned subsidiary for this fund, which would be headquartered in Gujarat’s GIFT City. KIAL has raised, managed, or advised more than $2.8 billion (Rs 21,825 crore) through its series of real estate funds, including this new one.
Kotak Realty Fund’s CEO Vikas Chimakurthy said, “This is our 12th real estate fund, and our successful partnership with ADIA continues. With the closing of this fund, we have funded nearly $1 billion (around Rs 7,795 crore) in real estate in the previous year.” He also mentioned, “Strong demand for offshore, rising return to the office, expansion of the services industry, and the Indian economy has seen the tremendous possibility for building a portfolio of excellent office properties.” “We want to curate this portfolio to cater to the rising desire for stable assets, with several exit paths for such portfolios and increasing liquidity of completed properties,” he stated.
KIAL was founded in early 2005 and has raised, managed, and advised over $5.7 billion in various asset classes, including real estate funds, private equity funds, infrastructure funds, special situations funds, listed strategies, and investment advisory, all of which are led by independent investment teams.
ADIA, the Gulf emirate’s sovereign wealth fund, is a limited partner (LP) investor in Kotak Special Situations Fund, which is launching its second new fund.
Mohamed AlQubaisi, executive director of ADIA’s real estate department stated, “This new platform will focus on prospects linked with long-term demand for Indian office space, which is being pushed by global corporations wanting to leverage on the country’s educated population.”
Follow Startup Story
Related Posts
