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Indiareit pays 17% of its maiden fund back to investors

Indiareit pays 17% of its maiden fund back to investors
PTI
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First Published: Mon, Oct 27 2008. 03 42 PM IST
Updated: Mon, Oct 27 2008. 03 42 PM IST
Kolkata: Piramal Enterprises’ real estate venture capital fund Indiareit Fund Advisors said that it has paid 17% of its maiden fund back to investors.
“This translates to Rs72 crore including the annualised return of over 37% over the last two years,” Indiareit Fund Advisors Chief Executive Officer and Managing Director Ramesh Jogani said.
Indiareit had commenced operations in 2006 with its Rs430-crore maiden domestic fund aimed at investing in the real estate sector of Mumbai and Bangalore.
The company had invested in eight projects based in these two cities from the fund and now has exited from the two of them — one each in Bangalore and Mumbai.
“Since then, Indiareit’s asset-under-management went up to Rs1,850 crore as on today,” Jogani said.
The company had launched a second domestic fund subsequently and raised Rs550 crore. It also raised $200 million from overseas investors.
Indiareit has also launched a second overseas fund with the aim of raising $300 million. The company invests at the enterprise level of primary real estate firm in Mumbai, Pune, Chennai, Bangalore and Hyderabad.
Bullish on the Indian growth story, Jogani said that the company was confident of delivering consistent results to all stakeholders in the days to come.
“Strong doemstic demand, a growing middle class and a progressive regulatory regime should bring cheers to the market,” Jogani said.
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First Published: Mon, Oct 27 2008. 03 42 PM IST