Rs 1,000 cr via third fund will be raised by Indiareit

Indiareit Fund Advisors, the Ajay Piramal-promoted real estate investment fund, is planning to introduce its third domestic fund to raise Rs 1,000 crore.

Talking to DNA Money, Ramesh Jogani, the fund’s CEO and MD, confirmed the development but did not disclosed details.
Jogani said, “In the subsequent two years we will introduce our fourth domestic fund. We are also focusing on the retail sector.” The company has earmarked one-third of the funds for investment in retail sector.
Indiareit’s second offshore fund has previously raised $450 million from 3i Plc, which is a cornerstone investor in the fund.
ICICI Bank is the chief distributor of the offshore fund which would be closed in eight years.
Additional investors include high net worth individuals from Middle East, Singapore, Japan and Europe.
The second offshore fund is planning to raise $600-850 million through a green shoe option. The fund will have three closings, of which first closing will be on July 2008.

The main cities where the funds would be implemented are:- Mumbai , Pune, Bangalore, Chennai and Hyderabad.

Indiareit, at present, supervises funds worth $470 million, which it mopped up through its earlier two domestic and one global offerings.
About 85% of these funds have already been disbursed and rest would be deployed in the next few months.
According to a assessment report, the company’s investments have developed over two-and-a-half times during 2008.
In Pune, Indiareit had invested in Paranjape Schemes residential-cum-commercial project on eight million square feet land through a special purpose vehicle called Flagship Infrastructure Pvt Ltd. The project is expected to be ready by September 2012.

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