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« India’s Beaten Property Sector May Now Offer Some Bargains | Home | Retail Industry Going Slow on Recruitments »

India’s Unitech Realty Fund raises $300 mln

A realty fund launched by India’s No. 2 listed developer, Unitech Ltd, has raised $300 million from international investors for the firm’s projects, a company spokesman said on Thursday.

“This is the first tranche. Another $300 million will be raised by September,” the spokesman said. He declined to name the investors.

The Economic Times newspaper, citing an identified senior Unitech executive, said a Japanese bank and some Europe-based wealthy individuals were the investors in the Unitech International Real Estate Fund.

Property firms have been chasing private equity investors to tide over a cash crunch caused by rising lending rates, high inflation and falling stock markets.

Unitech Ltd last month sold half its stake in the first phase of a commercial real estate project in Mumbai to Lehman Brothers Real Estate Partners for $175 million rupees and said it was looking for private equity investments of about $1 billion for its hotel and other projects.

News Published Under:   Banking and Finance, Real Estate India | No Comments »

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