Indiareit invests Rs 200cr in two realty projects

Indiareit-Fund-AdvisorsReal estate private equity firm Indiareit Fund Advisors on Tuesday announced two investments totaling Rs 200 crore.

Indiareit Fund Advisors, a division of Piramal Enterprises, said that it had made the two investments in realty projects in Central Mumbai and Pune.

The equity firm made the first investment worth Rs 100 crore in a marquee project that is being developed in Bhoiwada, Central Mumbai, by Omkar Realtors.

The under-construction Bhoiwada project is spread over 17 acres of land in the Central Mumbai. It has a potential free-sale component of nearly 2.5 million square feet. This deal marks Indiareit's freshly concluded Rs 400-crore Mumbai Redevelopment Fund's maiden deal.

The second investment worth Rs 100 billion has been made Pune-based Marvel Group, from Indiareit Domestic Scheme IV that boasts a total corpus of more than Rs 9 billion.

Khushru Jijina, mananging director of Indiareit, also announced that the firm was also looking to launch $300 million (nearly Rs 1,620cr) offshore fund in May from Asian, European and Australian investors.

Speaking on the topic, Jijina said, "We think $300 million is better in the current market conditions."

To raise offshore funds, Indiareit has hired the services of HDFC, ASK Group, Kotak.