By Accommodation Times News Services
Piramal Enterprises’ real estate private equity arm Indiareit Fund Advisors Pvt. Ltd. today closed it’s funds raising of Rs. 1,000 crore and has already committed Rs 250 crore from the corpus in three projects. 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.
The scheme had witnessed over subscription of Rs 100 crore, Even as the fund raising was on, it has already invested Rs 250 crore of the corpus in projects in Gurgaon, Mumbai and Bangalore. Mr. Khushru Jijina, Managing Director – Indiareit said “We are grateful for the overwhelming support shown by the investor community for our fifth domestic fund. In fact, despite reaching a final close and hitting our hard cap limit of INR1000 crores we have had to turn away applications in recent days that saw the Fund being oversubscribed by more than INR 100 crores.
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 a Rs 60 crore investment in a residential project in Mumbai and Rs 90 crore investment in a project in Bangalore.