Abu Dhabi Investment Authority (ADIA) is pouring $250 million into Hines India Real Estate. The investment comes in the middle of a rise in overseas interest in the real estate sector, according to The Economic Times.
The sovereign wealth fund recently invested $300 million in Kotak Realty Funds' offshore fund, which is managed by Kotak Mahindra Bank. The money will be invested in the Indian real estate sector on behalf of ADIA. The Abu Dhabi fund has so far invested over $500 million in India, mainly through private equity or realty funds, the report detailed.
An unnamed source familiar with the investment said, "Abu Dhabi has been scouting for opportunities to invest directly in the Indian real estate sector. It is now backing Hines to foray into the residential market and is targeting mid-market and upper mid-market residential development."
ADIA has appointed Aditya Bhargava to scour investment options in India. Bhargava is a former managing director of privately-held firm SITQ India, The Economic Times reported.
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