NEW DELHI: Singapore's Ascendas India Trust will invest 6 billion rupees ($95 million) over two years in Indian real estate company Paranjape Schemes (Construction) Ltd, the property developer said on Wednesday.
Ascendas will initially invest 2.6 billion rupees via listed non-convertible debentures and the remainder by taking a stake in a Paranjape unit developing a commercial project in the western city of Pune close to the financial capital of Mumbai.
Overseas investors are betting on a revival in India's commercial real estate space after the Narendra Modi-led government paved the way for listing Real Estate Investment Trusts earlier this year to help cash-strapped developers.
Foreign investors, including Blackstone Group, Goldman Sachs, and Singapore sovereign wealth fund GIC , had invested about $1.5 billion in India's real estate sector as of Dec. 12, according to data from Venture Intelligence. About a third of that investment was in commercial real estate.