KKR sets up NBFC for Indian property with GIC investment
Singapore
WITH an investment from GIC, global investment firm KKR has established a non-banking financial company (NBFC) that will provide structured credit solutions to India's real estate sector. While GIC did not issue a news release on this, a GIC spokesman confirmed the investment with The Business Times. BT understands that GIC's investment - an undisclosed sum - is in the NBFC, and not KKR.
Referring to India's real estate sector as "underbuilt", Ralph Rosenberg, global head of KKR Real Estate, said: "While many lenders provide debt to this sector, there is a need for solution-oriented, non-dilutive capital for property developers. We intend to fill that gap and contribute to the continued development of India's residential and commercial real estate sectors."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Thailand records current account surplus of US$1.1 billion in March
Indonesia may offer dual citizenship to attract overseas workers, minister says
Bank of Japan upbeat on consumption, service price outlook
Any pivot on rates by Fed will mean more blood in stock markets
IMF boosts Asia growth forecast this year on China, India
Australian retail sales unexpectedly decline, currency drops