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Indiareit makes two investments, plans new fund

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Indiareit Fund Advisors, the real estate PE arm backed by Indian entrepreneur Ajay Piramal, has invested INR2 billion ($37 million) in real estate projects and is reportedly set to launch a $300 million offshore fund next month.

The firm pumped INR1 billion in to a redevelopment project being run by Omkar Realtors ad Development in central Mumbai and committed an additional of INR1 billion to number of projects owned by Pune-based real estate firm Marvel Realtors, according to LiveMint.

The Mumbai investment was the first from Indiareit's new INR4 billion Mumbai Redevelopment Fund, which was set up to focus exclusively on redevelopment projects involving slums or old housing societies. The firm's first investment in a redevelopment project came in 2011, when it put INR2 billion into another Omkar project in Mumbai.

As for the Marvel projects, Indiareit's commitment caem from its INR9 billion Domestic Scheme IV fund. The capital will be deployed in eight projects in Pune, three in Bangalore, and one each in Mumbai and Goa.

The private equity firm is currently seeking INR10 billion - INR7.5 billion plus a INR2.5 billion greenshoe option - for its Domestic Scheme V fund.

In a separate report by The Business Standard, Indiareit is said to be eying a launch of its latest offshore fund next month, targeting $300 million. It last raised an offshore fund in 2006.

 

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