DivyaSree-ADIA in JV announces commercial projects

DivyaSree Developers and Abu Dhabi Investment Authority (ADIA) have jointly decided to build 15 million sq ft of commercial projects across India's major cities in the next five years. While ADIA is putting in $200 million in one of the largest dedicated commercial office development platforms announced in India, the balance will be put in by KIAL and DivyaSree Developers. The first transaction of 3.2 million sq ft is already under development by DivyaSree with total equity requirement of $250 million sq ft, said managing director, DivyaSree Developers, Bhaskar N Raju. The Bengaluru-headquartered firm is also in the process of launching office projects of 10 million sq ft in Hyderabad and 2.9 million sq ft in Pune. The new funding will see DivyaSree Developers consolidate its position in Bengaluru, Hyderabad and Chennai and expand its footprint in key markets of Mumbai, Pune and NCR. According to real estate services firm CBRE India, the commercial real estate market witnessed a total investment of $4.7 billion in 2018.