Piramal Fund plans $250-mn realty fund

    Piramal Realty Fund
    Adding more and more projects to its project portfolio in the country's real estate sector, Piramal Fund Management, the financial services arm of Piramal Enterprises has decided to launch a platform in partnership with a pension fund to undertake equity investments in residential projects, said sources, adding that the media report did not mention the name of the partner in the deal. In its first such partnership, Piramal Enterprises in early 2014 got into a strategic alliance with Canada Pension Plan Investment Board to set up a $500 million finance company to offer rupee debt financing to residential real estate projects mainly in Mumbai, Delhi NCR, Chennai, Pune and Bangalore. Piramal Fund Management has recently said it is looking to commit Rs 15,000-cr in the first phase of its new program which intends to pre-sanction funding limits for its selected existing tier-I developer partners to pursue acquisitions and that the company has so far invested Rs 16,000-cr through debt and Rs 6,000-cr through equity transactions in India, he added.
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