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Red Fort eyes Rs 3,500 crore realty exposure

Red Fort Capital, a Cayman Islands-based private equity fund, is planning to raise $875 million (Rs 3,500 crore) fund to invest in Indian properties. The fund has committed $100 million in projects of the Bangalore-based Prestige Group.
 
“We have invested in land, residential and commercial projects in Bangalore, Chennai, Hyderabad, and Kochi. We are also planning to invest in Goa, Mumbai, and the NCR (national capital region) in future,'' said Subhash Bedi, partner, Red Fort Capital.
 
Bedi said the realty sector in the country presented a good investment opportunity. “Despite the Reserve Bank of India's (RBI) curbs on lending to the real estate, it remains a lucrative investment,” he said.
 
With these investments, Red Fort is joining the host of global PE players including Blackstone, Citigroup, Morgan Stanley and Tishman Speyer, which have committed or invested nearly $4 billion in the Indian realty sector. The renewed interest shown by PE funds in the country's realty sector can be attributed to the returns in excess of 25 per cent in Indian properties and the stagnant nature of the developed markets.
 
Red Fort Capital, which is promoted by Subhash Bedi, Parry Singh, G B Singh, was started 18 months ago. The company is evaluating plans to list a real estate investment trust vehicle on the Singapore Stock Exchange.

Source : Business Standard

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