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Anil Sasi

New Delhi, Nov 9 Canada’s largest public pension fund, Caisse de Depot et Placement du Quebec (CDPQ), is eyeing investments in the booming Indian real estate sector, with plans to invest up to $1.7 billion (US dollars) over the next five years.

This would be the Montreal-based fund’s first real estate investments in India. The CDPQ Chief Executive Officer, Mr Paul Campbell, is expected to come to India in this regard, industry sources said. The fund is expected to focus on developing real estate opportunities in Delhi, Mumbai Bangalore and Hyderabad.

CDPQ, which has over $200 billion in assets under management, is looking at making the India investment under the fund’s SITQ unit, which specialises in the investment and management of office buildings.

Starting from scratch, SITQ is targeting nearly 15 per cent of its global real estate assets to enter India by 2012. Among the domestic funds, ICICI Venture Funds Management Company had recently announced plans to raise about $2 billion to create the country’s biggest real estate fund.

Housing Development Finance Corporation, Sun-Apollo India Real Estate Fund LLC and IL&FS Investment Managers Ltd are among the players that have either raised real estate focussed funds or are in the process of doing so.

A recent report Jones Lang LaSalle estimates that $10 billion foreign investment would be pumped into the country’s real estate sector in the next 12-18 months.

Industry sources say over 90 foreign investors are already in the country tapping investment avenues.

More Stories on : Real Estate & Construction | Pension Plans | Foreign Institutional Investors

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