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RREEF to put $1 bn in realty, JV with NCC for Hyd project
Posted by Srini Uppala | April 28, 2008 | 512 views
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Loading ...Global major Deutsche Bank’s alternative investment management arm, RREEF on Monday launched its realty and infrastructure business in India with plans to invest over one billion dollars in the next three years.
RREEF Alternative Investment also announced that it has picked up a 60 per cent equity stake in a joint venture with NCC Urban Infrastructure Ltd, the realty development arm of Nagarjuna Construction Company.
The JV will develop a USD 400 million (Rs 1,600 crore) mixed use project in the IT/ITeS zone in Western Hyderabad, a top company official said.
“We have acquired a 31 acre greenfield site located at the potentially high growth Narsingi junction on the road connecting the IT zones of Madhapur and Gachibowli to the new international airport,” RREEF India Advisors Pvt Ltd Country Head Kishore Gotety told reporters.
With the deal, RREEF began its India operations and has plans to invest over USD one billion in India across the real estate and infrastructure sector over the next three years, he said.
RREEF will partner with local developers in SPV for specific projects with mixed use like commercial development, integrated townships and SEZs.
SOURCES:
The Economic Times
Topics: Real Estate |
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