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Israeli firm to invest in Indian real estate

Israeli firm to invest in Indian real estate
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First Published: Mon, Aug 27 2007. 11 10 AM IST
Updated: Mon, Aug 27 2007. 11 10 AM IST
PTI
Jerusalem: Israeli firm, Gazit Globe Ltd, has decided to invest $110 million in an Indian real estate investment fund backed by Housing Development Finance Corp. Ltd (HDFC).
The Israeli firm is making the investment in the fund through a subsidiary that will be one of the four anchor investors in the fund, a company release said.
This will give the company a seat on the fund’s investment and other committees as well as co-investment options at the company’s discretion in the real estate projects that the fund invests in, it said.
The investment was part of the company’s strategy to expand its business in Asia, it said.
The fund, Hiref International LLC, established by HDFC and registered in Mauritius has already received $750 million in commitments.
HDFC will make a co-investment of $50 million alongside Hiref.
Hiref International would make direct and indirect investments in real estate projects in India, including in special economic zones (SEZ), technology parks, industrial parks, hotels and other recreation projects, commercial and entertainment centres, and residential projects.
The fund will have a nine-year lifespan, with two one-year options to extend.
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First Published: Mon, Aug 27 2007. 11 10 AM IST