Indiareit invests Rs 200 crore in real estate projects
The real estate private equity arm of Piramal Enterprises, Indiareit Fund Advisors has recently made two investment in realty projects in Mumbai, Pune and Bangalore. The total amount of investment made is around Rs 200 crore.
The first investment made is worth Rs 100 crore in a project by Omkar Realtors & Developers. This a residential project located at Bhoiwada in central Mumbai.
This project is spread across 17 acres and has a potential free-sale component of 2.5 million sq ft. With this investment, Indiareit marks its maiden investment after its exit from Rs400-crore Mumbai Redevelopment Fund.
The second transaction is on Pune-based Marvel Group’s projects in Pune, Bangalore and Mumbai of Rs 100 crore worth. Marvel Group has total 15.3 million sq ft space under construction spread over 38 projects.
Earlier, the group had invested about Rs 250 crore in two projects in Mumbai and Pune in February.
One of the projects is a slum project in Mumbai and the other one is a residential project in Pune. The Piramal group is currently raising a dedicated fund for investing in Mumbai’s redevelopment projects.
This fund will be used to invest around Rs 100 crore in Mumbai where 70% of the slum has been cleared and development work has been started.
Also, till date the fund has been raised to Rs 430 crore that will be used for investment redevelopment of slums, old housing complexes and properties in Mumbai.
Out of Rs 250 crore, the PE firm will invest around Rs 140 crore in a residential project in Pune which will follow a structured finance transaction. As per experts, the firm is at least expecting a return of 25% in the next four years.
Apart from these investments, the fund is also working on some large exits that are expected to be executed in the next few months.
The PE firm had recently made four large exits worth Rs 440 crore which includes a SEZ in Pune, a residential project in Pune, one residential development in Coimbatore and two residential projects in Mumbai.
Indiareit is worth over Rs 4300 crore through five funds in Mumbai.
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