The Hindu Business Line : Eden Realty plans $500-m infrastructure fund

Kolkata June 14 Eden Realty Ventures, a Kolkata-based real estate developer, plans to launch a $100-500-million India-focused infrastructure fund by the end of the current calendar year, according to Mr Sachchidanand Rai, Managing Director, Eden Realty Ventures.

"We are planning a $100-500-million infrastructure fund with primary focus on real estate by the end of this year. Since we are based in Kolkata, the thrust (of the fund) is likely to be in infrastructure and realty projects in and around Kolkata. But it will be an India-focused fund," Mr Rai told Business Line.

Besides investing in projects promoted by Eden Realty Ventures, the fund will also invest in projects of other real estate developers.

Foreign investors

While Eden Realty Ventures will be the principal promoter of the proposed fund, the company expects foreign investors, including global real estate players, to invest in the fund. "We are expecting foreign investors to invest in this fund," Mr Rai said without disclosing the names of possible investors.

The company has recently partnered REIT Asset Management, a London-based company that manages real estate assets worth $6.8 billion globally, to develop jointly a couple of real estate projects in West Bengal. The first project of Eden-REIT joint venture will be the redevelopment of a refugee colony in Bonhooghly in association with the state Refugee Relief and Rehabilitation department. The joint venture also plans a commercial real estate project at Maheshtala and has also agreed to build a sports and cultural centre for the Maheshtala Municipality.

According to Mr Rai, REIT has also expressed an interest to develop other real estate projects in the State jointly with Eden. The latter is currently in talks with another global real estate developer for redevelopment of slums in Kolkata. The company has also partnered with the Bangalore-based Shriram Properties to develop a residential project and has acquired land in the eastern part of Kolkata.

The land bank of Eden Realty Ventures is currently about 500 acres.

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