Macquarie, Abu Dhabi sovereign fund join race for Indian malls

The valuation of malls has gone up because investors are pricing them at 7-8% yields

The Abu Dhabi Investment Authority (Adia), the sovereign wealth fund of Abu Dhabi, and Macquarie, an Australian investment firm, could become the latest global investors joining the race to buy and build malls in the country.

Blackstone, Singapore’s GIC and the Canada Pension Plan Investment Board (CPPIB) have either set up their own mall companies or have entered joint ventures with Indian property developers.

Adia, with estimated assets of $773 billion, is in the final leg of talks with Lake Shore India Advisory, promoted by retail property veteran Ashwin Puri and others, to give a managed account to the latter