Kotak Investment Advisors Ltd backed by Asia’s richest banker Uday Kotak is all set to raise about $1 billion for a new fund focusing on residential properties in India’s top five cities, according to a Bloomberg report.
Out of the total $1 billion, Abu Dhabi Investment Authority (ADIA) is expected to invest about $500 million into the property fund while Allianz SE could bring in about $220 million, the report added .
Kotak Investment aims to complete the fundraising by the year-end and is expected to commence the investment in 2023. The main focus of the fundraising will entail residential property in India’s top five cities, according to Bloomberg. ADIA, Allianz, and Kotak Investment representatives have not yet revealed any information about the new property fund.
Kotak Realty Fund, floated by Kotak Investment Advisors Ltd in association with a wholly-owned subsidiary of ADIA, bought a stake in Embassy Office Parks Real Estate Investment Trust (REIT) for Rs 1,600 crore recently, according to a Mint report. As per the deal, Blackstone offered 8.12 per cent stake in the REIT at a floor price of Rs 345 per unit as a part of its efforts to raise Rs 2,660 crore, the report added.
Kotak Investment Advisors, established in 2005 as a part of the Kotak Mahindra Group, is the largest alternate asset fund managing nearly Rs 45,000 crore across real estate funds, infrastructure funds, special situations funds and pre-IPO investments. In September, Kotak Investment Advisors launched its maiden Rs 1,500 crore fund of funds (FoF). I
Kotak Investment Advisors also manages the largest stressed assets fund in Asia with assets under management worth about Rs 7,900 crore.
Kotak Group on September 23 made key leadership changes in its investment advisory and asset management verticals to implement its future growth plans. Lakshmi Iyer, has been named as the new Chief Executive Officer (CEO) of the Kotak Investment Advisory. The changes in leadership will come into effect from November 1.
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