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Indiareit Raising Domestic Real Estate Fund of Rs 500 Crore
| November 11, 2009 |  (Be the first to rate this story!) Loading ... |
Indiareit Fund Advisors Pvt Ltd, a real estate venture capital fund manager promoted by $1.8-billion Piramal Enterprises, is in talks to pick up stake in a residential project of Pune-based realty major Panchshil. Talking to FE, Ramesh T Jogani, chief executive officer and managing director of Indiareit, said: “The company is currently raising a domestic real estate fund of Rs 500 crore. The scheme, which was opened in the first week of November with a ticket size of Rs 50 lakh, will have its initial closure by end-January. Indiareit is the process of identifying three real estate projects in Pune, Mumbai and Bangalore to utilise this fund.”
Indiareit will invest around Rs 150 crore of the Rs 500-crore domestic corpus in a real estate project promoted by Panchshil in Pune through a special purpose vehicle (SPV). Panchshil, which is primarily in residential and commercial realty sector, has constructed 9-million sqft in the past six years. Panchshil is currently developing projects covering 22 milion sqft (including already completed 9 million sqft), Jogani said. He said Indiareit would invest the remaining Rs 350 crore in two ventures–Rs 100 crore to promote a residential project in Bangalore and Rs 250 crore in a project involving slum development in Mumbai. He, however, declined to disclose the details about new projects and partners.
According to industry sources, Indiareit is in talks with Bangalore-based Skyline Constructions to fund expansion of the latter. Indiareit was committed to invest up to Rs 225 crore to develop a few projects promoted by Skyline in Bangalore and Mysore in 2007. However, Jogani has not ruled out the possibility of a second round funding to Skyline. He said, “Skyline is one of our able partners. If they come out with good schemes, Indiareit will definitely consider.” Indiareit has a corpus of Rs 1,850 crore raised through three real estate funds, two domestic and one offshore.
News Published Under: Real Estate Developers |
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