Mumbai: Housing Development Finance Corporation said it has closed its first sponsored real estate fund, mopping up $800 million (Rs 3,280 crore). The HIREF International LLC fund was initially intended to mop up $50 million, but HDFC eventually mopped up $800 million despite the current tight market situation. The nine-year close-ended fund was privately placed, raising money from 28 different international investors. The objective of the fund is to invest in FDI-compliant real estate projects in India to achieve long-term capital appreciation. The fund will have a conservative approach with no regional or sector bias and would invest in residential, commercial, hospitality, education, healthcare sectors and at developers entity level. HDFC''s 30-year relationship with over 350 big developers India-wide stood it in good stead in a wary market, helping it closes the fund.
Source : www.indian-commodity.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment