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News & Views on Indian Real Estate

Wednesday, May 07, 2008

Deutsche Bank's arm to foray into India's realty market

Deutsche Bank's alternative investment management business, RREEF Alternative Investments (RREEF), plans to invest a further $1 billion over three years in India's and infrastructure sector. As they see India as a particularly attractive emerging real estate and infrastructure market for high return-oriented offshore clients. The new venture, RREEF India Advisors, which will be run by country head Kishore Gotety, will be eyeing potential real estate deals. They’ll be working on deals involving roads, power, airport and railway terminal projects. The preferred deal size would be between $50 million and $150 million and they are already evaluating deals in western and northern India. The company has invested about $70 million in another Indian company, Golden Gate .Properties Ltd., which is involved in primarily projects in southern India. RREEF said it has formed a 60:40 joint venture with Nagarjuna Construction Company Ltd's (NCC) unit, NCC Urban Infrastructure Ltd., to develop a $400 million realty development project in the southern Indian city of Hyderabad. The project, scheduled to be completed in five years, will involve construction of residential, commercial and hotel properties. It's known that India needs more than $450 billion in investments for developing infrastructure. RREEF, which has country specific funds like Japan and Hong Kong, currently does not have specific plans for an India specific fund......... the money, will be drawn from its international funds. With such developments taking place the boom in Indian is here to stay.

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Deutsche Bank launched its global alternative investment management business — RREEF Alternative Investments (RREEF) — in India. It plans to invest over $1 billion in India across real estate and infrastructure sectors over the next three years.

Operating as RREEF India Advisors Private Limited in Mumbai, the new business team would provide real estate and infrastructure advisory services to RREEF’s offshore funds.

RREEF also announced that it had taken a 60 per cent stake in a joint venture with NCC Urban Infrastructure Limited. The partners will develop a $400-million (Rs. 1,600 crore) mixed use project on a 31-acre site located along Phase I of the Outer Ring Road connecting the IT zones of Madhapur and Gachibowli to the New International Airport at Shamshabad, in west Hyderabad.

Deutsche Bank, India, Managing Director and CEO Gunit Chadha, said, “RREEF’s inclusion will enable Deutsche Bank to further embed ourselves into the growing financial services sector in India.”

RREEF has already committed to invest in two large real estate transactions in the country’s high growth cities of Hyderabad and Bangalore. Both investments are through joint ventures with local partners. The first acquisition, announced in January, saw RREEF take a stake in Bangalore and Hyderabad-based residential real estate development company, Golden Gate Properties Ltd., for $70 million (Rs. 279 crore).

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