BackMilestone Capital to raise `500 crore for real estate fund
There will be headroom to raise another `250 crore over the basic fund size
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Mumbai: Milestone Capital Advisors Ltd is looking to raise ₹ 500 crore for its real estate fund, The Economic Times reported on Friday. There will be headroom to raise another ₹ 250 crore over the basic fund size.
The fund tenure will be around six years. This will be the first fund raise for the firm after its founder Ved Prakash Arya died in 2011 and the eighth fund since the firm’s inception.
Rubi Arya, vice-chairman and managing director of the fund, told ET, “We are yet to take a call on the theme of the fund. But commercial real estate has emerged as an attractive segment right now with prices and rentals almost at the bottom. From the current levels, the rentals may not dip further and we can only expect it to move up."
So far, Milestone Capital has invested in real estate projects in Mumbai, Kolkata, Jaipur, Nagpur, Madurai and Chennai. The fund has nearly ₹ 3,200 crore worth of assets under management.
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