Track2Realty-Agencies: Indiareit Fund Advisors has raised Rs.800 crore for its sixth domestic real estate fund, Domestic Scheme-V, higher than the basic fund size of Rs.750 crore.
The private equity arm of Piramal Enterprises exercised its greenshoe option, increasing the fund size to Rs.1,000 crore, the firm announced Tuesday.
Indiareit has seven funds, including an offshore fund.
Domestic Scheme-V will invest in residential projects in Mumbai, Pune, Bangalore, the National Capital Region and Chennai. The money was raised solely from domestic investors, including Piramal Enterprises that invested about Rs50 crore.
The new fund is already committed for about 10%.
“There are two more deals in the pipeline that are yet to be discussed with the investor committee. If these two deals are approved, the fund will be committed about 30%,” said Khushru Jijna, Managing Director, Indiareit.
