Pirmal Group's PE firm Indiareit raises Rs 800 cr fund to invest in real estate
Nov 13, 2013
Source : The Economic Times


DELHI: Pirmal Group's real estate private equity firm Indiareit Fund Advisors today said it has raised Rs 800 crore capital through a scheme.

The company announced that 'Domestic Scheme V' has crossed the basic fund size of Rs 750 crore last week.

"The scheme currently stands at Rs 800 crore and is well on track to reach the target fund size by the end of the year," Indiareit Fund Advisors said in a statement.

The fund has exercised greenshoe option of Rs 250 crore in the wake of overwhelming demand and now it is targeting to raise Rs 1,000 crore.

"With this fund raise, Indiareit is one of the few managers who have raised a substantial amount of capital this year and is able to commit to relatively bigger deals as a result," the statement said.

Indiareit Managing Director Khushru Jijina said: "This entire fund raise has been a testament to the strength our sponsor The Piramal Group".

Piramal Enterprises is one of largest diversified firms with presence in pharmaceutical, financial services and information management sectors.

Piramal Enterprises had consolidated revenues of over USD 650 million in FY 2013.

In the financial services space, Piramal has a real estate focused PE fund - Indiareit and a NBFC that is focused on lending to real estate and education sector.



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