Deutsche Bank launches India real estate business - by Aru_bhanot
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.
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).