Indiareit to invest Rs 250 crore in projects in Mumbai and Pune
The real estate private equity arm of Piramal Enterprises, Indiareit Fund Advisors is to invest about Rs 250 crore in two projects in Mumbai and Pune in next one month.
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 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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