Canny SWFs Explore India’s Property Market

February 07, 2014 by Simon Meads

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LAST JULY brought chaos and misery to India when the country was gripped by some of the worst monsoon floods since 2007. In the financial capital of Mumbai, the storm caused power outages and wreaked havoc on the city’s already-crumbling infrastructure, much of which lay underwater. Even as India’s citizens fought their way through the floods, however, the nation’s waterlogged commercial real estate market began to recover when one of the biggest global sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA), made a $200 million bet on the asset class’s long-term growth. The deal, which ADIA struck on July 11 with Mumbai-based investment manager Kotak Realty Fund, a division of financial conglomerate Kotak Mahindra Group, presaged a wave of sovereign wealth investments in the Indian property market. Less than two weeks later, the Qatar Investment Authority (QIA) said it had agreed to make a $300 million allocation to a special-purpose…

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