As India Realty Sector Defies Global Slowdown, A Big Player Makes A Move

The Abhinav Reddy's family GAR Corporation is looking to raise as much as $200 million from family offices and sovereign wealth funds

The billionaire family behind a property empire is opening up to outside investors for the first time as India's real estate sector proves a bright spot in a global slowdown.

The Abhinav Reddy family's GAR Corporation 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 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 centre.

The Abhinav Reddy's family has a net worth of more than $1 billion from Hyderabad-based GAR, which owns more than a dozen office blocks in the city, according to the Bloomberg Billionaires Index.