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Indian housing finance company HDFC has announced that it will sell a 10% stake in its Private Equity arm HDFC Capital Advisors to a wholly-owned subsidiary of Abu Dhabi Investment Authority.
HDFC Capital Advisors Limited is a specialized real estate private equity investment manager operating since 2016. They are one of the leading fund managers focused on investing in affordable and mid-income housing sectors. It manages HDFC Capital Affordable Real Estate fund 1-3.
Furthermore, it manages a $3 billion platform that targets affordable and mid-income residential projects in India's leading 20 cities.
This announcement comes a few weeks after the announcement of a merger between HDFC and HDFC Bank.
"Investment by ADIA will enable HDFC Capital to leverage ADIA's global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors," HDFC Chairman Deepak Parekh said in a statement.
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HDFC will continue to hold the balance of 90% while this deal values HDFC Capital Advisors at Rs 1,840 crores.
“HDFC Capital is one of India's leading providers of affordable housing project finance, with an established track record of supporting the development of new residential stock across the country. This agreement builds on our successful investments in the H-CARE funds and underlines our belief in the positive long-term outlook for affordable and mid-market housing in India,” said Mohamed AlQubaisi, Executive Director of the Real Estate Department, ADIA.
In recent years, the government has also introduced several new schemes to provide affordable housing such as interest subsidies for the economically disadvantaged, and additional tax benefits for buyers and builders among other schemes.
Article by Aman Agarwal.
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