India private equity real estate investments hit USD2.27b in Q3

Almost 60% of the investments were from the office segment.

Private equity investment inflows in India’s real estate sector hit INR 131.2 bn (USD 2.27 bn) in Q3 2022, a near 1.3x growth in investment receipts as compared to the same period last year.

A Cushman and Wakefield report says that at a city level, Bengaluru (21%) witnessed a high share in fund flow, followed by Delhi (18%) and Mumbai (15%). Multi-city investments accounted for close to 26% of the fund inflows for Q3, with notable ones like Actis- Mahindra Lifescape investment worth INR 2,200 Cr focused on warehousing development.

Here’s more from Cushman and Wakefield:

The office segment witnessed the highest investor interest in this quarter, with inflows of INR 79.9 bn (USD 1.0 bn), accounting for almost 60% share of overall investments. With improving office sector demand on the back of employees returning to office, many investors have backed prominent commercial developments in Bengaluru, Delhi NCR, Mumbai and other cities. The warehousing segment held a 25% share in the quarter’s fund flows led by the Actis - Mahindra Lifescape deal and Bain & Capital-Ivanhoe Cambridge investment in Lodha’s Logistics Arm.

Foreign investors constituted a majority share of 67% in the quarter’s investment volume with some large transactions in the commercial segment. Debt investments held a lesser share of 8% in the fund flows for Q3 with notable debt inflows from BPEA credit and Credit Suisse, while equity investments, with 92% share, constituted a larger share in the quarter.

Fund raising activity for residential segment announced

Kotak Investment Advisors is planning a residential-focused fund of about USD 1 bn with focus on India’s top 5 cities. Abu Dhabi Investment Authority and Allianz SE are reportedly investing in this new fund which is set to start by 2023. An alternative investment platform WSB Real Estate Partners and alternative credit platform Blacksoil have raised over INR 500 cr through WSB Real Estate Debt Fund II, which is set to focus on residential projects (mid income and affordable segment) in cities like Mumbai, Pune, Bangalore, Hyderabad and Chennai through structured debt

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