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."