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New Delhi, July 21

GE Commercial Finance Real Estate has announced it will invest $63 million in a newly formed fund the India IT Parks Fund sponsored by business space provider, Ascendas Pte Ltd.

Ascendas has also invested in the fund along with other international investors. The Fund will own and invest in information technology parks (IT parks) that support the IT & ITES industry, a high-growth sector in India.

Ascendas would contribute two of the premier IT parks in India into the fund International Tech Park, Bangalore and the Vanenburg IT Park in Hyderabad.

"Our investment with Ascendas underscores GE's commitment to growing our presence in the Indian commercial real estate market," Mr Scott Bayman, President and CEO, GE India said.

He said the partnership combines GE's financial strength with Ascendas' strong tenant relationships, for building a strong, diversified commercial real estate portfolio that would help aid IT support sector.

The Fund plans to acquire and develop up to about $500 million in assets over the next seven years.

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

(This article was published in the Business Line print edition dated July 22, 2005)
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