Fund to focus Indian real estate launched in Dubai

UAE-based oil firm Gulf Petrochem has inaugurated a property fund focused on Indian real estate to encourage foreign investments into the country by offering tailor-made solutions.
The Fund is structured as a closed ended investment company in Dubai International Financial Centre (DIFC) that aims at encouraging foreign investments into India by high net worth individuals and institutions, seeking to create value real estate exposure, Fund Director Shahin Alam said.
Global real estate experts Cushman and Wakefield have been retained as property consultants for the Exempt Fund.
"The time is now right to leverage Indian real estate assets for the benefit of our investors. GP (Gulf Petrochem) has committed USD 10 million as seed capital to the Fund that aims to raise USD 100 million," GP's MD Sudhir Goyel said.

Guaranteeing tailor-made solutions for professional and institutional investors, the DIFC Exempt Fund provides unique and tax efficient access to a diversified portfolio of professionally managed grade A-level real estate assets which are duly approved by India and work in compliance with the Foreign Direct Investment program.
The DIFC is a jurisdiction with internationally recognised regulations, favourable taxation and ease of establishment. Based on these key factors and our associations with clients such as Gulf Petrochem and Gateway Investment Management Services, we believe the DIFC can and will become the Fund Domicile of choice in the region," DIFC Authority's Chief Strategy and Business Development Officer, Chirag Shah said.

Dinesh Bhasin, Fund Director at GP, said that the Fund's investment objective is to primarily invest in equity, equity related or debt securities in real estate and real estate- related projects based in India.
"Specifically, the Fund will target investments in commercial, hospitality, residential and retail projects within proven geographies," he said.