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GE enters Indian real estate market

July 20, 2005 16:22 IST

GE Commercial Finance will invest $63 million in the Indian IT Parks Fund, sponsored by Ascendas Pte Ltd, a leading business space provider and real estate fund management company, which would own and invest in technology parks that support infotech and IT-enabled services.

Ascendas would contribute two of the premier IT parks in India into the fund, International Tech Park, Bangalore and Vanenburg IT park in Hyderabad, GE said in a release on Wednesday.

"Our investment with Ascendas underscores GE's commitment to grow our presence in the Indian commercial real interest market," GE India president and chief executive Scot Bayman said.

The fund plans to acquire and develop assets worth $500 million over the next seven years.

GE Commercial Finance Real Estate Asia Pacific would now have aggregate real estate investments of more than $4 billion with operations in Japan, Korea, New Zealand and India, it said.

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