The billionaire family behind an Indian property empire is opening up to outside investors for the first time as the nation’s real estate sector proves a bright spot in a global slowdown.
The Reddy family’s GAR Corp. is looking to raise as much as $200 million from family offices and sovereign wealth funds by selling a minority stake in one of Hyderabad’s biggest commercial developments, according to people with knowledge of the matter.
The twin towers being offered in GAR’s Infobahn business park have 3.5 million square feet (325,160 square meters) of rentable space across two interconnected buildings spanning about 27 floors, with roughly a quarter of the space already listed as leased to tenants. The glass-encased buildings also have a central food court, gym and day-care center.
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