Indiareit announces final close of Domestic Scheme V at INR 1000 crores; returns INR 100 crores and over subscription; and commits 25% of corpus across three transactions. Indiareit Fund Advisors Pvt Ltd, the real estate private equity
arm of Piramal Enterprises, is pleased to announce the final closure of Domestic Scheme V. The fund, which had a targeted corpus of INR 1000 crores (including a green shoe option of 250 crores) had earlier crossed the basic fund size of INR 750 crores in November. In a short span of a few weeks since, the fund has continued to witness a steady level of applications resulting in a final close taking place just prior to the end of the year.
The scheme is targeting structured returns and had already deployed 10% of the Fund to its first deal –a INR 100 Crore investment in a joint venture between Ashiana Homes and the Landcraft Group. The project is located in Sector 88A, Gurgaon which has excellent access from the existing Pataudi Road, and will benefit from upcoming developments including the under construction Dwarka Expressway, and the fast growing New Gurgaon region. The regular shaped land parcel is spread across 14 acres with a total sale able area potential of around 1.5m sq ft. The investment is structured to provide an assured minimum return along with an equity kicker, and is backed by adequate security cover.
Since then, the Fund has approved two new transactions – the first is a INR 60 crore investment into a residential project in Mumbai and the second is a INR 90 crore investment in Bangalore.
