HDFC Property Fund to raise $500m
The private equity arm of Housing Development Finance Corporation (HDFC), HDFC Property Fund, plans to raise a $500-million real estate off shore fund by the end of 2012.
The company is planning to raise the capital in a single close deal and is in talks with sovereign funds, including Government of Singapore Investment Corporation (GIC) and Qatar Investment Authority.
The fund has a target net internal rate of return of over 20 per cent. To achieve it, It will primarily invest in redevelopment of residential projects and commercial development across major metros – Chennai, Pune, Bangalore, Mumbai and Delhi.
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Bangalore, Chennai, commercial developments, Government of Singapore Investment Corporation (GIC), HDFC Property Fund, Housing Development Finance Corporation(HDFC), internal rate of returns (IRR), Mumbai, New Delhi, Private equity firms, Pune, Qatar Investment Authority, Real estate fund, Residential projects, sovereign funds
