ADIA in­vests in HDFC hous­ing fund

Banking Frontiers - - Banking In The Gulf -

Abu Dhabi In­vest­ment Author­ity (ADIA), Abu Dhabi’s sov­er­eign wealth fund, is the pri­mary in­vestor in a new af­ford­able hous­ing fund in In­dia. ADIA has in­vested in HDFC Cap­i­tal Ad­vi­sors to help the lat­ter achieve the ini­tial close of its sec­ond af­ford­able hous­ing fund, the HDFC Cap­i­tal Af­ford­able Real Es­tate Fund - 2. This fund will be com­bined with the HDFC Cap­i­tal Af­ford­able Real Es­tate Fund - 1, which was raised last year, to cre­ate a $1 bil­lion plat­form tar­get­ing af­ford­able and mid­in­come res­i­den­tial projects in 15 cities in In­dia. ADIA is the pri­mary in­vestor in both funds. The pri­mary ob­jec­tive of the plat­form is to pro­vide cap­i­tal to devel­op­ers at the land and pre-ap­proval stage for the de­vel­op­ment of af­ford­able and mid-in­come hous­ing across In­dia.

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