Beary's to raise $100 mn Shariah-compliant funds

The Beary's Group, a Bangalore-based realtor turned property developer, is raising over $100 million in Shariah-compliant investments from different entities in West Asia.

"The company has already raised $20 million from SEDCO (Saudi Economic and Development Company) and is negotiating to raise $90 million from Kuwait Finance House (KFH)," Syed Mohamed Beary, chairman and managing director of Beary's Group of companies, told Business Standard.

The funds raised are to be spent on commercial, retail and residential projects in Bangalore, Mysore, Mangalore, Udupi, Bhatkal and a few places in north Kerala, he added.

SEDCO is a private wealth management organisation that conducts business according to Shariah, the body of Islamic law. KFH is also a Shariah-compliant entity managing funds worth $37 billion.

The company this year, with a budget of over Rs 1,000, has initiated three major projects in Bangalore covering office space, apartments and villas.

The office space project called 'Beary's Golden Research Triangle' is coming up at Whitefield with a budget of Rs 500 crore to house IT/ITeS companies. The company has sought governmental clearances for an 85-acre IT/ITeS SEZ project titled 'Beary's Gold Rush Drive' on Old Madras Road.

"This will be a foreign direct investment (FDI) project where 50 per cent will be reserved for the IT/ITeS sector and the balance for residential, hotel and other commercial activities. SEDCO has expressed interest in funding the total project and currently we are negotiating the total investment," said Syed Beary.

The group on Thursday announced the completion of its long pending Rs 65 crore, 106-unit residential project 'Beary's Lakeside Habitat' overlooking the Hebbal Lake on Bellary road. According to Syed Beary, Lakeside Habitat is a premium residential project comprising twin towers of 24 storeys built on three acres of land.