Business space provider Ascendas has launched its first ever development fund for India – to tap into the country's booming real estate sector.
Totalling S$500 million, the private fund will invest in the development of integrated property projects like business and IT parks.
The new Ascendas India Development Trust will start by developing two IT business parks, in the Indian cities of Pune and Nagpur.
Ascendas had announced in April that it was developing the two projects through joint ventures with Indian government agencies.
It plans to raise the total asset size of the fund to S$1 billion – and is in the process of securing new investment projects.
Current investors in the fund include Bahrain-based asset manager Arcapita, and Holland's ING Private Banking.
Source : Channel News Asia