Foreign investor tie up with Indian developer
Brookfield Asset Management, a Canadian firm has teamed up with Peninsula Land, a branch of Ashok Piramal Group and planning to invest Rs 500 crore fund in real estate sector.
It is a joint effort and the fund will initiate from April 2012.
The fund will also have an over allotment option of Rs 150 crore in Tier I cities.
It was also mentioned that the fund will expire in six years with two extensions of one year each.
Both the companies have planned to invest Rs 50 crore each in the project. Other developers are also requested by the group to invest in the fund.
Source: The Economics Times
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