With the current tumultuous economic environment, emerging markets are sputtering—and private equity real estate giant KKR is using the opportunity to scoop up down-and-out assets.
KKR will invest in two developments in Mumbai, India, being put up by luxury condo developer Sundeck Realty, Bloomberg reports.
The grab comes as the country saw last year’s private equity real estate investment hit its highest total since 2008—and that number is set to triple this year, up to $8B, according to JLL.
“With so much debt on the balance sheet of developers, it provides a wonderful opportunity for large players over the next one to two years,” Amit Bhagat, CEO at Mumbai-based ASK Property Advisors, which manages $500M in real estate.
As KKR looks eastward, easterners look stateside, with foreign money heading to the safe haven of US real estate, fleeing domestic economic woes. [Bloomberg]
