HIREF Gets Long Term Institutional Investors

August 31, 2007	(Be the first to rate this story!)  Loading ...
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HIREF, the first sponsored international real estate fund by HDFC, gets long term institutional investors to invest a whopping $800 million. Of total amount, $50 million has been put by the HDFC Bank itself.

The fund looks at investing in foreign direct investment (FDI) compliant real estate projects in India to accomplish appreciation in long-term capital, says Renu Sud Karnad, Chairperson of the HDFC Property Ventures Ltd.

HIREF is the second real estate investment fund launched by the HDFC. As far as the first one is concerned, it was launched in 2005 and has a corpus of Rs 1400 crore.  Including corpus of both the funds, HDFC becomes India’s largest international real estate funds principal.

The bank is not rushing the things to deploy the money. It is considering the prospects of investing in IT parks, education complexes and healthcare sectors, explains Karnad.

HIREF will make investments in residential projects, hospitality sector, and education complexes, Karnad adds.

Leading the housing finance sector in India, the HDFC bank wishes to invest on its experience in the sector.

News Published Under:   Banking and Finance |

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