Rreef has entered into the Indian real-estate sector with initial investment of $70 million. Rreef is known as global alternative investment manager business of Deutsche Bank. Rreef would be taking an undisclosed stake in Bangalore and Hyderabad based Golden Gate Properties Ltd. Rreef has no specially India dedicated fund, it has invested from its global fund. The reason behind such strategy is that Rreef looks forward to be a part of coming boom of real estate market. It currently owns $97.3 billion in assets under management worldwide.
Mr Kishore Gotety, Head, real-estate advisory services, Deutsche Asset Management, said, “Rreef has not taken a majority stake in Golden Gate”.
Mr Kurt Roeloffs, CEO of Asia Pacific, Rreef said, “India is a particularly attractive emerging real-estate market for our high return-oriented clients and in time will mature into an important investment destination for Rreefs broader base of institutional and retail clients. Golden Gate Properties can provide us with an important cornerstone for further investment in India.”
Golden Gate primarily deals with residential apartment projects in India. It has a collection of 10 completed projects, out of which eight are residential apartment and two are commercial projects within Bangalore and Hyderabad.
