Deutsche Bank unit to invest $1b in India

Mumbai: Deutsche Bank's RREEF Unit, the world's largest alternative investment manager, plans to invest more than $1 billion over three years in India's real estate and infrastructure assets.

"It's known that India needs more than $450 billion in investments for developing infrastructure," said Kurt Roeloffs, RREEF regional chief executive officer based in Singapore, in Mumbai on Monday. "We think India will be an attractive emerging real estate and infrastructure market for our clients."

Property developers in the world's fastest-growing major economy after China are seeking more investments to meet rising demand. India's economy has grown at an average annual rate of 8.7 per cent since 2003, lifting the incomes of individuals and companies.

RREEF's so-called alternative asset investments have doubled in the Asia-Pacific region over the past two years. Assets under management in the region now account for about 15 percent of its global total, Roeloffs said. He expects Asia to contribute a larger share of the pie in the next few years.

Investments

RREEF, which managed $91.3 billion of funds invested in real estate, infrastructure, private equity and hedge funds globally as of December 31, also acquired 60 per cent in a joint venture with NCC Urban Infrastructure, according to a statement issued in Mumbai on Monday.

NCC, owned by the Nagarjuna group, along with Deutsche will invest in a $400 million project in the south Indian city of Hyderabad.

The 31-acre project will be used to build over five million square feet of office, residential, retail and hospitality space, Kishore Gotety, country head of RREEF India Advisors said.