Kohlberg Kravis Roberts (KKR & Co) is set to increase its presence in Indian real estate space very soon. The global investment management giant will invest Rs. 1800 crore in three mid-market real estate projects of Mumbai.
Two real estate projects of Mumbai to receive Rs. 750 crores each by KKR are the newly launched commercial office project of Lodha Developers in Central Mumbai and an upmarket residential project of Shapoorji Pallonji in South Mumbai. The firm will also fund another Rs 250-300 crore to a Thane-based residential project of Paranjpe Scheme Constructions, two people aware of the development told ET Realty.
The development comes three months after KKR had promoted India Yesh Nadkarni to the head of KKR India Asset Finance.
With these anticipated investments, KKR’s funding in Indian real estate space will go up to Rs. 2800 crore in 2018. Earlier, the firm had made follow-on investments in projects including Bhartiya City Developers’ Bengaluru township.
KKR is a New York based global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds. The firm has offices in 21 cities in 16 countries spread across 5 continents.
Set up in 2014, KKR’s real estate NBFC, KKR India Asset Finance, had invested Rs 350 crore in Mumbai-based Wadhwa Group’s luxury homes project, The Address, in suburban Ghatkopar in June 2014 as one of its first financing in India.
Over the period of time, the global firm has lent about $1.5 billion to 30 projects across Mumbai, Bengaluru, Gurgaon, Chennai, and Pune, including Runwal Group’s premium residential project Runwal Bliss in Mumbai, Signature Global’s affordable housing project in Gurgaon and Chennai-based Prince Foundations.