Värde Partners is providing $155m (€131m) in funding to help Phoenix Group develop two office assets in India.

The global alternative investment firm said the facility will be used to refinance and fund to completion over 2.5m sqft across the two developments in Hyderabad owned by Phoenix.

Construction of both projects is well-advanced, with sub-structure development complete and super-structure phases underway.

Tim Mooney, partner and global head of real estate at Värde Partners, said: “We see significant opportunity across the Indian office market for both the financing and purchase of assets, in a market that offers potential strong cash-flow visibility, multinational tenants and strong absorption.

“India is a dramatic example, but emblematic of what we’re seeing across the Asia Pacific region, and across the globe. We believe that a real estate cycle is upon us and while not nearly as pronounced as the cycle brought on by the global financial crisis, the opportunity set is significant and growing.”

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