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DivyaSree Developers, ADIA to develop commercial projects in five years

Wednesday, 15 May 2019

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DivyaSree Developers and the Abu Dhabi Investment Authority (ADIA) are planning to develop 15 million sq ft of commercial projects across India’s major cities in the next five years.

In March 2019, Kotak Investment Advisors (KIAL) launched USD 400 million India Office Assets Fund I, anchored by a wholly-owned subsidiary of ADIA, with DivyaSree Developers as development partner and property adviser.

While ADIA is putting in USD 200 million in one of the largest dedicated commercial office development platforms announced in India, the balance will be put in by KIAL and DivyaSree Developers. The first transaction of 3.2 million sq ft is already under development by DivyaSree Developers.

The total equity requirement will be USD 250 million sq ft. The DivyaSree Developers is also in the process of launching office projects of 10 million sq ft in Hyderabad, Telangana and 2.9 million sq ft in Pune, Maharashtra.

The upcoming development will be completed over the next five years. The new funding will see DivyaSree Developers consolidate its position in Bengaluru, Hyderabad and Chennai and expand its footprint in new key markets of Mumbai, Pune and National Capital Region.