Piramal PE closes Rs 1,000 cr realty fund
Jan 09, 2014
Source : The Hindu


Indiareit Fund Advisors’ Domestic Scheme V achieved its basic fund size of Rs 750 crore last November and touched the target, including the green-shoe option of Rs 1,000 crore in December, it said in a statement.

It claimed that there were over subscriptions of Rs 100 crore, which the company had to decline.

Even as the fund raising was on, it has already invested Rs 250 crore of the corpus in projects in Gurgaon, Mumbai and Bangalore, the statement said.

“Even while announcing the final close of this fund, we have committed 25 per cent of the corpus already and continue to build a pipeline of very attractive opportunities,” Indiareit managing director Khushru Jijina said.

The fund invested Rs 100 crore in a joint venture between Ashiana Homes and the Landcraft Group for a one-acre project in Gurgaon, the statement said, adding the investment is structured to provide an assured minimum return along with an equity kicker, and is backed by adequate security cover.

Two more transactions have been approved, which include Rs 60 crore investment in a residential project in Mumbai and Rs 90 crore investment in a project in Bangalore.

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