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PE firms eyeing office, retail segment in Bengal

Kolkata, Feb 14 (PTI) Global private equity firms are looking for opportunities in office and retail space in the real estate sector in West Bengal after a successful stint in the logistics segment, a property consultant said on Friday.

'Global private equity firms are seriously planning to put their money in office and retail (in real estate) segment in West Bengal,' CBRE India managing director Nikhil Bhatia told PTI.

Blackstone, Brookfield, KKR, GIC, ESR, Warburg Pincus Avendus Capital, Goldman Sachs and Xander Group are among companies which are 'evaluating right opportunities' in the state, another official of the property consulting firm said.

'In West Bengal, warehouse absorption stood at 3.3 million sqft in 2019, marginally lower than 3.4 million sqft, absorbed in the previous year,' the official said.

In 2019, office leasing in Kolkata has recorded a sharp growth totalling 1.3 million sqft of commercial space, he said.

Leasing activities in the last calendar year were driven by IT majors and banks that had taken up new office space in the city's satellite townships, the official said.

Bhatia said similar trend will continue in the current year with fresh interests from the global private equity firms.

PE firms' interests in the residential sector are also set to grow in the coming years, he added. PTI BSM BDC BDC