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STAMFORD, CT-Aiming to increase its holdings in Asia, GE Commercial Finance Real Estate will invest $63 million in a fund targeted at acquiring and developing up to $500 million in assets over the next seven years. It marks the firm’s official entry into the commercial real estate market in India.

The India IT Parks Fund is sponsored by business space provider Ascendas Pte Ltd, which has also invested in the fund along with other international investors. The fund will own and invest in information technology parks that support the IT & ITES industry. Ascendas will contribute two parks into the fund; International Tech Park, Bangalore and the Vanenburg IT Park in Hyderabad.

“Our investment with Ascendas underscores GE’s commitment to growing our presence in the Asian commercial real estate market,” notes Philip Mintz, president, Asia Pacific at GE Commercial Finance Real Estate. He says the partnership will enable company to build “a strong, diversified commercial real estate portfolio that will help support the region’s fast-growing IT support sector.”

Following this transaction GE Commercial Finance Real Estate Asia Pacific will have aggregate real estate investments of more than $4 billion with operations in Japan, Korea, Australia, New Zealand and India. In total, the business has assets of more than $28 billion and more than 30 offices throughout North America, Europe and Asia/Pacific.

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