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Ascendas to invest $95 mln in Indian property developer

Reuters

NEW DELHI (Reuters) - Singapore's Ascendas India Trust (AINT.SI) will invest 6 billion rupees ($95 million) over two years in Indian real estate company Paranjape Schemes (Construction) Ltd, the property developer said on Wednesday.

Ascendas will initially invest 2.6 billion rupees via listed non-convertible debentures and the remainder by taking a stake in a Paranjape unit developing a commercial project in Pune close to the financial capital of Mumbai.

Overseas investors are betting on a revival in India's commercial real estate space after the Narendra Modi-led government paved the way for listing Real Estate Investment Trusts earlier this year to help cash-strapped developers.

Foreign investors, including Blackstone Group (BX.N), Goldman Sachs (GS.N), and Singapore sovereign wealth fund GIC, had invested about $1.5 billion in India's real estate sector as of Dec. 12, according to data from Venture Intelligence. About a third of that investment was in commercial real estate.

($1 = 63.3000 rupees)

(Reporting by Aditi Shah; Editing by Subhranshu Sahu)