The real estate arm of the Government of Singapore Investment Corporation (GIC) has confirmed the appointment of Kishore Gotety as its country head for India.
Mr. Gotety’s appointment, which took effect on August 23, suggests that GIC believes there are good investment opportunities in the Indian real estate market.
GIC, which currently has offices in eight cities around the world, will soon establish its first office in Mumbai, India, which will become operational later this year.
Mr. Gotety was previously working with RREEF Alternative Investments, the property investment management business of the Asset Management division of Deutsche Bank. In 2007, he joined RREEF as its country head in India, aiming to spearhead the company’s expansion in the country.
However, the credit crisis prompted RREEF to postpone its plans of expanding its India portfolio. In 2009, Mr. Gotety was transferred to Hong Kong as head of portfolio management for Asia-Pacific in the global opportunistic investments team of RREEF.
In 2009, GIC announced its plan to intensify its real estate allocation. The sovereign wealth fund is also believed to be looking at listing some property assets through a Singapore IPO that could raise about US$1 billion.