Private equity inflows into the real estate
sector jumped more than two-fold during January-March period to Rs 2,800
crore, according to global property consultant Cushman & Wakefield.
During the same period in 2013, the private equity (PE) investment in
sector stood at Rs 1,143 crore. In its latest report on PE investments
in real estate, Cushman & Wakefield (C&W) said: "Total inflows
into the real estate sector for the first quarter of 2014 were recorded
at Rs 2,800 crore (USD 460 million), witnessing an increase of 28 per
cent compared to the previous quarter and nearly 2.5 times the
investment in Q1 2013." Bangalore witnessed the highest level of
transaction activity with investments of Rs 1,905 crore during the
period under review. The consultant attributed the the rise to
increasing investments in leased office assets by both foreign and
domestic funds. Leased office assets have the potential of stable
yields and attractive capital values in the asset class. Residential
asset class has also witnessed stable investments as developers are
increasingly using PE funds to raise capital. "Despite stagnant sales,
the high coupon rates offered by developers is attracting capital to the
asset class. Fund houses have tried to mitigate some of these risks by
investing through structured mezzanine deals guaranteeing fixed
returns," C&W said. Commenting on the report, C&W Executive
Managing Director South Asia Sanjay Dutt said: "A number of funds have
committed funds towards investments in Indian real estate and this is
expected to translate into increasing transactions in the sector,
especially in income yielding assets." "With expected growth in capital
requirements, we see a number of fund houses raising additional capital
to invest in the sector," he added. Out of total PE investments, the
office and residential segments received Rs 1,435 crore (USD 236
million) and Rs 1,065 crores (USD 175 million) respectively. One
transaction was also witnessed in the retail asset class in Bangalore
with an investment of Rs 300 crores (USD 49 million). "Healthy
valuations of the commercial developments, stable yields and potential
of rising capital values has led to investors actively evaluating and
investing in prime office assets across the top cities," C&W said.
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