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Kotak Investments Advisors Ltd. (KIAL) announced yesterday that it was joining hands with a subsidiary of the Abu Dhabi Investment Authority (ADIA) to invest $590 million in Indian office spaces.
KIAL was incorporated in 2005 as the Alternate Investments arm of the Kotak Mahindra group with its first structured third-party private equity and real estate funds. The company has raised, advised, and managed close to $5.12 billion across all its business verticals.
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This marks the company's 12th real estate fund, three months after its 11th, and $1 billion for real estate in one year. This alliance brings the total funds invested by KIAL in real estate to $2.8 billion.
The fund is domiciled in Gift City and will be used to invest in office assets all across India, focused mainly on the top property markets of Mumbai, Bangalore, Delhi-NCR, Pune, Hyderabad, and Chennai.
“This new platform will focus on opportunities associated with long-term demand for Indian office space, which is being driven by global organizations seeking to capitalize on the country's skilled workforce. It also presents the opportunity to extend our relationship with Kotak, with whom we have successfully invested over a number of years,” said Mohamed AlQubaisi, Executive Director of the Real Estate Department at ADIA.
Moreover, the company announced that it is looking to expand into venture capital and buyout space in the future. “Currently, we are not in the venture capital, venture debt, and buyout space. These are interesting spaces where Kotak wants to have a presence and thereby build a full suite of products... On the venture capital, buyouts, and venture debt front, India doesn't have many domestic large players and we would like to enter into those businesses," said Srini Sriniwasan, MD of KIAL.
Article by Aman Agarwal.
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