Indiareit Apartment Fund by Piramal Fund Management gets great response from the market
Khushru Jijina the Managing Director, Piramal Fund Management is very excited after launching a new fund – Indiareit Apartment Fund – that will acquire residential units in tier-I markets at a discounted rate. This fund launched by Piramal Fund Management will buy residential apartments in bulk purchases from developers.
The target fund size is Rs 350 crore, and has a greenshoe option of an addition Rs 350 crore, with an average deal tenure of 2-3 years per transaction.The company has chosen IIFL Wealth Management as its exclusive distributor for the first close.
Jijina stated that the company has already mopped up Rs 100 crore immediately after launching it in the first few days. He also mentioned that this offering adds to the company’s existing bouquet of services, that is structured equity, senior debt, and construction finance. This fund was formed over many months of conceptualisation and structuring. This fund furthers the engagement with the development partners and helps to meet their requirements.
This fund is a great investment option for the individuals who look to invest directly into real estate as an asset class. The first transaction, of a whopping Rs 50-crore investment in Mumbai has already been accomplished and there is a further pipeline of similar transactions which will materialise in the coming months.
Source- The Hindu Business Line
