Intro
The $500m fund will be routed through Mauritius and managed by Property Zone, a joint venture between Old Mutual Investment Group Property Investments SA and ICS Realty Private, India
TO CASH in on the growth of organised retail in India, UK and SA-based real estate investment groups have launched the retail property Triangle Real Estate Fund for India.
The $500m fund will be routed through Mauritius and managed by Property Zone, a joint venture between Old Mutual Investment Group Property Investments SA and ICS Realty Private, India.
“Unlike most other real estate investors, the fund will dedicatedly concentrate on tier two and tier three cities in India,” said Nick Harvey Jones of Strutt & Parker Real Estate Financial Service, the fund’s placement agent for the UK and Europe.
Four projects in the cities of Aurangabad, Jaipur, Indore and Nagpur have been selected for the first phase of investment. Surat is also being considered,” Nick Harvey Jones of SPREF said.
“It is a high net worth investor fund which requires minimum investment of $500000 from an individual and $5m form institutional investors,” he said.
Two deals, consisting of 11 projects worth more than 200m were in the pipeline.
The first undertaking was being planned through a UK-Indian joint venture.
The second deal in pipeline consists of seven projects of multipurpose retail property. The two deals will attract an investment of $100m each.
The Old Mutual Group has seeded the fund with $125m.
Source: Business Day
No comments:
Post a Comment