HDFC Property Fund might back Runwal Group
HDFC Property Fund may partly back Rs 1,020 crore transaction in which real estate firm Runwal Group is buying 24.7 acres of land in suburban Mumbai from Crompton Greaves Ltd, said three people familiar with the matter. HDFC Property Fund will put in up to Rs 200 crore to help Runwal part-finance the deal.
In July, HDFC Property Fund said it has raised its second international fund, of $250 million, and that it hopes to raise another $150 million by end of the year. The new offshore fund, which started raising capital in 2012 and had targeted a corpus of $500 million, decided to do a first close and start the process of investing before attempting to raise $150 million. The Runwal-Crompton land deal is in its last leg.
The details of the property funds have been provided by HDFC as how much money they have raised. The Runwal Group in Mumbai might get assistance from the HDFC property fund as is being hinted. This will be a positive point for their upcoming projects as people are looking forward to buy properties backed by well renowned banks.
Source: Mint
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