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Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has closed its domestic fund with a Rs 1,000-crore corpus.
The fund - Domestic Scheme V – had targeted a corpus of Rs 1,000 crore (including a greenshoe option of Rs 250 crore). It had earlier crossed the basic fund size of Rs 750 crore in November, the company said in a statement.
“In fact, despite reaching a final close and hitting our hard cap limit of Rs 1,000 crore we have had to turn away applications in recent days. At the same time, we are witnessing very healthy levels of deal flow and are able to pick the best transactions given the real estate market dynamics, our preferred position and ability to commit relatively quickly,” said Khushru Jijina, Managing Director, Indiareit.
The scheme is targeting structured returns and had already deployed 10 per cent of the proceeds for its first deal; a Rs 100 crore investment in a joint venture between Ashiana Homes and the Landcraft Group.
The fund has also approved two new transactions, a Rs 60 crore investment into a residential project in Mumbai and Rs 90 crore investment in Bangalore.
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