New Delhi, Apr 28 (UNI) Deutsche Bank under its global alternative investment management business, RREEF, today said it has picked up 60 per cent stake in a joint venture with NCC Urban Infrastructure Ltd to develop Rs 16 crore mixed use project.
The partners will develop a 31 acre site located along Phase 1 of the Outer Ring Road connecting the IT zones of Madhapur and Gachibowli to the New International Airport at Shamshabad, in west Hyderabad, said a statement.
The move by Deutsche Bank comes along with the launch of its global alternative investment management business, RREEF Alternative Investments (RREEF), in India today.
Named the world's largest alternative investments manager, RREEF Alternative Investments has 91.3 billion dollars (Rs 3.65 trillion) in real estate, infrastructure and private equity assets under management worldwide as of December 31, 2007.
Headquartered in New York, RREEF Alternative Investments employs more than 1,450 investment professionals in 18 cities around the world.
Operating locally as RREEF India Advisors Private Ltd, and based in Mumbai, the new business has been established with an initial team of six professionals to provide real estate and infrastructure advisory services to RREEF's offshore funds.
'India is a particularly attractive emerging real estate and infrastructure market for our high return-oriented offshore clients,'' said RREEF Asia Pacific CEO Kurt Roeloffs.
We have plans to invest over one billion dollars in India across the real estate and infrastructure sectors over the next three years, he added.
Along with its investment with NCC Urban Infrastructure, RREEF has already committed to invest by taking a stake in Bangalore and Hyderabad-based residential real estate development company, Golden Gate Properties Ltd, for Rs 279 crore.
UNI PBB PDT HT1617