BANGALORE: Hamburg-based real estate investment management company, Union Investment Real Estate AG, which manages assets worth over e13.2 billion globally, is in talks to buy out the Bangalore-based India Builders Corp’s Knowledge Park which is located on Bannerghatta Road Near Diary Circle, partly or in whole, for an undisclosed amount, sources say.

According to IBC’s website, the 14 acre Knowledge Park is valued at Rs 380 crore. Union Investment has already sent a letter of intent to the promoters of IBC Knowledge Park. This could mark the German’s major real estate player foray into India.

When contacted, Smita Ramakrishna, an official of IBC, confirmed the development but refused to give more details. The park is located on Bannerghatta Road, 5 km from Bangalore. With over 1.4 million sq ft of commercial space, the project houses the offices of Accenture and Oracle.

Union Investment plans to enter India through its Singapore subsidiary Deutsche Immobilien Fonds AG (DIFA). DIFA was formed to aid Union Investment’s penetration into Asian growth markets.

“The real estate major is looking at commercial as well as mixed-use property development opportunities in India. Apart from investing in real estate projects in the country, the company could launch its real-estate brokerage service as well,” said a source. An email to Union Investment remained unanswered.

Investments in city-centre office space and business parks are the mainstay of DIFA’s investment strategy. In addition, DIFA is increasingly investing in shopping centres and business hotels. DIFA opened its regional office in Singapore in December 2006. The company, then had commented that it is looking at growth markets such as China and India.

The company currently manages five funds for private and institutional investors, comprising some 230 properties and projects in Europe, the Americas and Asia. Within the commercial real estate market, Union Investment Real Estate AG is active as an investor and project property developer, landlord and property seller.
Source: Economic Times
http://economictimes.indiatimes.com

Visit www.mybangaloreproperty.com