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GIC, KKR set up firm to invest in India's real estate finance sector

Xinhua, January 8, 2015 Adjust font size:

Singapore's sovereign wealth fund GIC has invested in a non-banking financial company set up by United States investment firm KKR to provide structured credit solutions to the real estate sector in India, a local television channel reported on Thursday.

The company will help bring long-term capital to India's real estate sector, Channel NewsAsia quoted KKR as saying.

"While many lenders provide debt to this sector, there is a need for solution-oriented, non-dilutive capital for property developers. We intend to fill that gap and contribute to the continued development of India's residential and commercial real estate sectors," said Ralph Rosenberg, global head of KKR Real Estate.

KKR and GIC did not disclose the value of the investment.

GIC, which manages more than 100 billion U.S. dollars, recently announced plans to buy a controlling stake in Mumbai-based real estate firm Nirlon. It also announced a joint venture with Indian firm Vatika to develop residential projects near Delhi. Endi