Indiareit announces final close of Domestic Scheme V at Rs 1,000 cr

The scheme is targeting structured returns and had already deployed 10% of the fund to its first dea

Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has announced the final closure of Domestic Scheme V. The fund, which had a targeted corpus of Rs 1000 crores (including a greenshoe option of Rs 250 crores) had earlier crossed the basic fund size of Rs 750 crores in November.

Khushru Jijina, Managing Director – Indiareit said “We are grateful for the support shown by the investor community for our fifth domestic fund. In fact, despite reaching a final close and hitting our hard cap limit of Rs 1000 crores we have had to turn away applications in recent days that saw the Fund being oversubscribed by more than Rs 100 crores. At the same time, we are witnessing very healthy levels of deal flow."

 
Even whilst announcing the final close of this fund raises, Indiareit has committed 25% of the corpus already.

The scheme is targeting structured returns and had already deployed 10 percent of the Fund to its first deal –a Rs 100 Crore investment in a joint venture between Ashiana Homes and the Landcraft Group. The project is located in Sector 88A, Gurgaon which has access from the existing Pataudi Road, and will benefit from upcoming developments including the under construction Dwarka Expressway, and the fast growing New Gurgaon region.

Since then, the Fund has approved two new transactions – the first is a Rs 60 crore investments into a residential project in Mumbai and the second, a Rs 90 crore investment in Bangalore.