Unitech Realty Investors has introduced a Rs 300- cr venture capital fund to finance its slum redevelopment projects in Mumbai.
The fund- Mumbai Redevelopment Fund I- will have an initial target of Rs 200 cr and a greenshoe option of Rs 100 cr. It has a minimum investment threshold of Rs 5 lakh and will invest in the 5 redevelopment projects in Mumbai initially.
The closure of the fund is expected within the next 2 months.
Transaction Reference: BS
Unitech Realty Investors is the fund management arm of the Unitech Group. The group has various funds like CIG Realty Fund I, II, III and IV which have a total corpus of Rs 2,000cr.
In 2008, Unitech raised a a $300 Mn fund- Unitech International Real Estate Fund- from international markets to invest in its various real estate projects.
Currently, Unitech is in the process of demerging its non-core assets such as hotels, SEZs and so on into a separate arm and list it in the future.
Unitech has over 40 projects in Mumbai with 42 Mn square feet of saleable area and formed JVs with Shivalik Group and Omkar Group to execute these projects.
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