The real estate PE fund had earlier raised $500 Mn in January for its Red Fort India Real Estate Fund II from overseas investors, which was an identical fund with target investments as mentioned above and half of the fund already invested, MD Subhash Bedi stated.
Red Fort Capital, based in Delhi, is an India focused real estate PE firm and the firm's institutional investors include sovereign wealth funds, global investment managers, insurance companies and pension plans. It has completed over 14 real estate investments throughout India in residential, commercial, logistics and hospitality assets and its investments include the Lotus Boulevard in NCR, Exora Business Park – Bangalore and Godrej Genesis in Kolkata to name a few.
Its most recent investment was the R150 Cr put in a residential project by the 3C Company in Gurgaon in February this year.
Real estate sector has seen a combination of low investment deals along with high fund raising activity recently.
PE real estate firms made seven investments amounting to $162 mn across six deals with disclosed values during the quarter ended June which was less than half of $553 Mn worth of deals in the same period last year. It was even less than the 17 investments ($573 mn across 15 deals) during the January-March quarter.
IL&FS Investment Managers, Anand Rathi-Knight Frank, JP Morgan Partners, ASK Investment Advisors, Azure Capital Advisors, Lavi Real Estate Advisors are a few firms in fund raising mode, according to BS.
FDI inflows in real estate in 2011-12 (April-January) stood at R2,750 Cr ($492.50 Mn).
Among peers, Godrej Properties recently created a residential development fund worth R770 Cr along with a consortium of global investors led by APG at the beginning of this month. Omshakthy Agencies was planning to raise R150 Cr through the PE route for one of its project near Chennai and IDFC PE was also looking to raise $500 Mn real estate fund earlier in June.
Source: www.dealcurry.com
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