Private equity fund for Indian Real Estate
Private equity firm IIFL Realty Fund has planned to invest in redevelopment project in Mumbai. The equity firm has made an agreement to invest Rs 80 crore in a housing society-cum-slum-redevelopment project in Sion Koliwada area. Around 1.2 million sq ft of saleable area will be developed in the project.
In another PE investment Sun Apollo will invest Rs 500 crore in the Assotech Blith project in Gurgaon. 586 apartments will be constructed in that project and it will be constructed over 12 acres of land.
GMR Infrastructure another realty firm will collect Rs 200 crore through allotment of secured non-convertible debentures to ICICI Bank Ltd. This will be the second fund rising from ICICI bank by the Hyderabad-based infrastructure firm in the last 3 months. On February 25, the company had raised Rs 350 crore from the private sector lender by allotting non-convertible debentures.
With these investments PE firms are looking into investing in the Indian real estate market.
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Source: VC Circle
Assotech Blith, GMR Infrastructure, IIFL Realty Fund, Indian real estate, Private equity firms, project in Gurgaon, project in Mumbai, redevelopment project in Mumbai, Sun-Apollo
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