commercial project

In Joint Venture, DivyaSree and ADIA likely to develop commercial projects in major cities

Bengaluru News

In a joint venture, the DivyaSree Developers and ADAI i.e. the Abu Dhabi Investment Authority are likely to develop commercial projects across India that will cover 15 million sq. ft. of area. This development is estimated to be carried out in the next five years covering all major cities.

Earlier in March, the Kotak Investment Advisors [KIAL] ventured $400-million India Office Assets Fund I that is being headed by the subsidiary owned by the ADIA. In this deal, DivyaSree Developers joined as the development partner and property adviser.

Both the Kotak Investment Advisors [KIAL] and DivyaSree developers will become equal as ADIA invest $200 million in India’s one of the largest dedicated commercial office development platforms.

Bhaskar N Raju, Managing Director, DivyaSree Developers said that the first transaction of 3.2 million sq ft is under process by DivyaSree and a total equity requirement is estimated to be of $250 million sq ft.

DivyaSree a Bengaluru-based firm is also planning to launch office projects that will cover 10 million sq ft in Hyderabad and 2.9 million sq ft area in Pune.

Bhaskar N Raju, the Managing Director of the firm said that the upcoming developments are proposed to be completed in the next five years.

This new investment will bring DivyaSree Developers in a strong position in the real estate sector of Bengaluru, Hyderabad and Chennai as it plans business expansion emerging markets of Mumbai, Pune and National Capital Region.

The real estate experts feel that India has witnessed a total investment of $4.7 billion in 2018.