Piramal to launch $250 million fund for equity investment in real estate
NEW DELHI: Piramal Fund Management, the financial services arm of Piramal Enterprises Limited, plans to launch a $250 million platform in partnership with a pension fund to undertake equity investments in residential projects, according to a Livemint report.
However, the 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 crore 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.
The company has so far invested Rs 16,000 crore through debt and Rs 6,000 crore through equity transactions in India.