Kotak Realty Fund is investing Rs. 250 crores to buy a 700, 000 sq ft IT park in Noida from 3C Company. The building called Green Boulevard is in Sector 62, Noida and has tenants like Accenture, Nokia Siemens and Sapient.
The deal is expected to be closed by a fortnight and will add to a growing list of institutional investors picking up rental assets in India. A few of these institutional investors are eyeing a chance to list these assets as a real estate investment trust (REIT) on the Indian stock market, the guidelines for which were finalized by the authorities recently.
The building was awarded the LEED Platinum rating in Core and Shell category by US Green Building Council (USGBC).
