Red Fort Capital Plans to Raise R1500Cr Realty Fund

Red Fort Capital is planning to raise R1500Cr Realty Fund that will invest in commercial and residential assets.

The fund has made first close of about $80 Mn in April last year.

Red Fort Capital currently manages two funds - Red Fort India Real Estate I and Red Fort India Real Estate II.

Its investment portfolio includes Prestige Estate , Indu Projects, 3C Company, 3C Lotus among others.

Last year, Red Fort bought 24.5% stake in an upcoming office complex project developed by Parsvanath Developers Ltd at New Delhi’s Connaught Place, for Rs.120 Cr.

Red Fort Capital had earlier bought 18% stake in the North Delhi project for $19 Mn in June'09, followed by purchase of additional 4% in the same project for $5.3 Mn in Oct'09.

Recently, Kotak Realty Fund was planning to launch its fourth realty fund and to raise R600Cr from investors. The fund will have a green-shoe option of R100Cr.

Ajay Piramal's IndiaReit Fund Advisors Pvt Ltd is also planning to raise R500Cr through a new fund - Mumbai Redevelopment Fund for investments in redevelopment of slums and tenanted properties in Mumbai. It will have a greenshoe option of R250Cr and will be targeting returns in excess of 30%.

Triangle Real Estate Fund is planning to raise Rs200Mn for it's second India centric real estate fund.

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