First closure of Rs 225-crore India Realty Excellence Fund announced by Motilal Oswal Real Estate
Announcing the first closure of its second real estate fund, India Realty Excellence Fund (IREF) II LLP, Motilal Oswal Real Estate (MORE) has raised Rs 225 crore in three months.
The fund was launched in November 2013, with a target to raise Rs 300 crore and with a Green Shoe option of Rs 200 crore.
IREF II will work on capitalizing the opportunities by focusing on mezzanine debt transactions which helps to get regular income through fixed coupon and a subsequent project linked on the upside. The fund targets the residential sector of in top 5 cities– MMR (Mumbai Metropolitan Region), NCR (National Capital Region), Bangalore, Pune and Chennai with developers with good performance.
Sharad Mittal, director & head of Real Estate Investments at Motilal Oswal Real Estate says, “We believe that next 12-18 months is an interesting period for doing mezzanine transactions.” He further added, “We are glad with the response. We are currently evaluating few opportunities in line with our strategy and are in the process of concluding them.”
The raised its first fund, India Realty Excellence Fund (IREF), successfully, four years ago. IREF has invested in seven projects in Mumbai, Pune and Bangalore with marquee names such Godrej Properties and Supreme Universal. The company claimed that within 12 months from the end of the investment period, IREF has returned more than 60% of the total capital commitment. Tags: Real estate firm, Motilal Oswal Real Estate (MORE), India Realty Excellence Fund (IREF), MMR (Mumbai Metropolitan Region), NCR (National Capital Region), Bangalore, Pune and Chennai, Residential sector
Source: The Times of India
Bangalore, India Realty Excellence Fund, India Realty Excellence Fund (IREF), MMR (Mumbai Metropolitan Region), Motilal Oswal Real Estate, Motilal Oswal Real Estate (MORE), NCR (National Capital Region), Pune and Chennai, Real estate firm, Residential Sector
