The fund size is around R150 Cr and would be raised from overseas investors (most of which are HNIs in Belgium), according to Mint. It also added that the firm has a capital commitment of around $200 Mn from its investors.
Inno Group has invested approx. $65 Mn in hotel and housing projects in India so far and this being the fifth fund after raising four separate funds to invest in different projects since 2007.
The company is coming up with a project called Inno Geo City in Oragadam, Chennai.
Inno Group was set up by Belgian nationals of Indian origin Rajamannar Ramaswamy and Sajid Sathak.
It is a global investment group focused on real estate with a footprint across Europe, Middle East and India. Its service portfolio ranges from investments to fund management to advisory to development across residential, commercial, industrial & infrastructure. The four verticals of Inno are Inno Investments, Inno Advisory, Inno Real Estate and Inno Infrastructure.
In the space recently Prestige Estates was set to receive R200 Cr from Red Fort Capital last week, VGN Developers was planning to rope in PE investors and Blackstone acquired Embassy Property’s office portfolio for $230 Mn in July.
Among the fund raises, Red Fort Capital was on course to raise $500 Mn real estate fund next year to invest into residential and commercial properties in the country, Godrej Propertis launched a residential development fund worth R770 Cr along with a consortium of global investors led by APG in July and IDFC Real Estate Investments was also planning to raise a $500 Mn real estate fund to invest into leasedout commercial assets in June this year.
Source: www.dealcurry.com
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