Kotak Realty To Raise Rs.600 Cr For Fourth Realty Fund

Kotak Realty Fund will launch its fourth realty fund and expects to raise Rs.600 Cr from investors. The fund will have a green-shoe option of Rs.100 Cr.

The amount will be raised from the domestic market and the fund will invest predominantly in residential properties across India.

Kotak Realty has a total $750 Mn worth of assets under advisory through three funds - $100 Mn (Rs.457 Cr) Kotak India Real Estate Fund-I, $380 M (Rs.1,494 Cr) Kotak Alternate Opportunities India Fund and $265 Mn offshore fund.

Its first fund, Kotak India Real Estate Fund I, launched in February 2006, has been completely deployed with other notable investments such as Lemon Tree Hotels, Pride Hotels, 3C Green Boulevard and Clover Golf.

Kotak raised its last fund - an offshore fund worth $265 Mn, three years ago.

Kotak Realty has made project level investments in Emaar MGF, Dheeraj Realty Group, IVR Hotels & Resorts Ltd, Divyasree Developers Private Limited, Janapriya Engineers Syndicate Ltd, among others.

Some other real estate fund in India are - India Advantage Fund, Tata Realty Initiatives Fund, IndiaReit Fund, among others.

Kotak Mahindra Group is also raising two private equity infrastructure funds, one domestic and one offshore, with a total corpus of $300 Mn (Rs.1,350 Cr).

The funds will be launched in partnership with Japan-based bank, Sumitomo Mitsui Banking Corp. (SMBC) and Canada-based AMC, Brookfield Asset Management Inc.

Reference: Economic Times

Previous Article

Ruia Group Acquires French Auto Sealing Firm - SEALYNX Automotive

Next Article

Sheth Creators Raises R80Cr From IIFL PE