HDFC launching $500-mn realty fund

    HDFC Property Fund
    Riding high on the back of its mortgage financier HDFC Ltd, HDFC Property Fund, is all set to launch a $500 million offshore realty fund, said an industry insider, adding that the fund will invest upto 40% in office spaces and the rest in residential projects with a focus on affordable housing. The latest funding initiative will be HDFC Property Fund's third offshore fund as prior to this, it raised an $800 million fund in 2007-08 and a $350 million in 2014-15, which is in the last leg of deployment. The new fund, which will make equity and equity-linked investments, has a nine-year fund life and will invest in residential projects, townships and office projects which are in the early stage greenfield mode. The fund will look to invest in individual projects that are not more than 2 million sq.ft to ensure that they are not too large to be developed within a certain time frame.
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