Indiareit gets Rs 500 cr for residential fund

Indiareit Apartment Fund today said it has raised Rs 500 crore in commitments to invest in dwelling units during the past three months and will do another Rs 200 crore.
"Piramal Fund Management has surpassed its initial fund size of Rs 350 crore for the 'Indiareit Apartment Fun' by raising Rs 500 crore of aggregate commitments," the Ajay Piramal-promoted firm said in a statement.
The fund, which is one-of-its-kind corpus raised to invest exclusively in apartments, will exercise the green shoe option and take the total fund raising to Rs 700 crore.
It has invested Rs 50 crore in some units at a project in the western suburb of Malad at a discount against the prevailing market prices while two more investments have been approved in the city's Bandra Kurla Complex and Adyar in Chennai, the statement said.