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Indiareit makes Rs 200 crore private equity investments

Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has invested Rs 200 crore in multiple projects located in Mumbai, Pune, and Bangalore, capital for which has been deployed from two domestic real estate funds.
The PE firm has infused Rs 100 crore into a prime residential project being developed by Omkar Realtors, located in Central Mumbai. The investment has been made from Indiareit’s recently closed Rs 400 crore Mumbai Redevelopment Fund. The project is spread across 7 acres with a potential sale component of 25 lakh square feet, comprising six 40 to 60 storied residential buildings.
The second transaction done was a Rs 100 crore investment in Pune-based Marvel Group, funds for which were from the Indiareit Domestic Scheme IV that has a total corpus of Rs 900 crore. The investment has been tied to a basket of pre-identified city centric projects across Pune, Bangalore, and Mumbai that are in various stages of construction and delivery.
Khushru Jijina, MD, Indiareit, said, “Both these transactions are representative of the attractive returns that we are able to structure in the market today, with the added benefit of mechanisms in place to protect downside and provide adequate security cover.”
Indiareit said that distributions have begun from the Rs 440 crore of exits, which were term sheeted three months ago, with the first transaction – an SEZ in Hinjewadi, Pune – having secured the necessary government approvals to facilitate closure. “The remaining exits are also on track to close/distribute within the next two months,” said the company.
Source: Times of India

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