Indiareit raises Rs 1,000 cr for domestic property fund

Bangalore January 9, 2014: Indiareit Fund Advisors, the real estate private equity arm of India’s Piramal Enterprises, has raised Rs 1000 crore from investors within the country, the company said.

The domestic fund targets investments which will provide structured returns.

The fund would invest in property assets in the top metro cities in the country, Indiareit said.

The property fund manages about Rs 4,343 crore across five earlier funds and two third party mandates
The scheme is targeting structured returns and had already deployed 10% of the Fund to its first deal –a Rs 100 crore investment in a joint venture between Ashiana Homes and the Landcraft Group. The project is located in Sector 88A, Gurgaon.

Since then, the fund has approved two new transactions – the first is a Rs 60 crore crore investment in a residential project in Mumbai and the second, a Rs 90 crore investment in Bangalore.-Fp