Friday, September 22, 2023

ADIA pledges $500 million to Kotak Investment Advisors’ $1 billion real estate fund

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  • Kotak Investment Advisors secured a $500 million anchor commitment from the Abu Dhabi Investment Authority (ADIA).
  • Based in Gujarat’s GIFT City, Kotak Investment Advisors’ new fund will focus on residential properties property investments.
  • The alternative assets arm of the Kotak Mahindra Group had previously raised $590 million from an ADIA unit for the office space market in June.

Kotak Investment Advisors secured a $500 million anchor commitment from the Abu Dhabi Investment Authority (ADIA) for its $1 billion real estate fundthe company said on Tuesday.

Kotak Investment Advisors is an alternative asset branch of the Kotak Mahindra Group. With ADIA’s commitment, Kotak Investment Advisors has raised, managed or advised more than $3.3 billion across its 13 real estate funds, the firm said.

Kotak Investment Advisor’s 13th real estate fund will focus primarily on the residential sector.

“The new platform is primarily aimed at the high demand for housing in India, which is driven by continued economic growth and a shortage of urban housing clusters,” said Mohamed AlQubaisi, executive director of ADIA’s real estate division.

Based in the GIFT City of Gujarat, it will target markets like Mumbai, Bengaluru, Delhi-NCR, Pune, Hyderabad and Chennai.

“This is an opportunistic fund that can invest across a variety of real estate asset classes and capital stacks, i.e. both debt and equity. With the initial close of this fund, KIAL has raised approximately $1.5 billion in real estate through multiple strategies in about a year and a half,” said Vikas Chimakurthy, CEO of Kotak Realty Fund.

Earlier in June, the company had entered into an agreement with an ADIA unit to establish a $590 million real estate platform aimed at meeting long-term demand for office space across the country.

Home sales are up 119% year-over-year in H1 FY23 in the top seven cities

Home sales rose 119% year-over-year in H1 FY23 in the country’s seven largest cities. Houses worth ₹ 1,55,833 crore were sold between April and September this year, compared to ₹ 71,295 crore in the same period last year.

In terms of units, 1,73,155 units were sold in H1 FY23, compared to 87,375 units in H1 FY22.

Mumbai alone accounted for 48% of the total value of homes sold during this period, with Delhi-NCR and Hyderabad ranked second and third respectively, maintaining their positions from the previous year.

“The data confirms that the first half of FY23 was a very optimistic period for the housing market in the top 7 cities, allaying fears that home sales could be impacted by rising real estate prices and interest rates,” said Anarock Group Chairman Anuj Puri. .


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