The $250-million equity investment platform of international developer Hines and Abu Dhabi Investment Authority (ADIA) has closed its first investment in the residential space in Gurgaon.

In a unique deal, the investment platform is backing developer Conscient and the two have partnered with another private equity fund IREO to build a residential project on around 10 acre of land in Gurgaon, said three people aware of the development. Hines-ADIA and Conscient will together invest Rs 400-500 crore to develop a premium residential project in the Golf Course Extension Road area with around 600 apartments while IREO will get a share of the revenues from the project, said one of the people on condition of anonymity . While most funds investing in Indian real estate sector have chosen to take the structured debt route to put in money into housing projects, this investment by Hines-ADIA is a pure equity deal where the platform and the developer partner are taking equal risk.

http://economictimes.indiatimes.com/industry/indl-goods/svs/construction/hines-adia-conscient-to-invest-rs-400-crore-in-residential-space-in-gurgaon/articleshow/51405963.cms

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