Assetz Property to float $ 250 million project fund
Singapore-headquartered real estate developer Assetz Property is floating a $250-million fund to invest across mid-income residential projects in India. “We are reasonably institutionalized and have the capability to provide transparency and higher fee to investors. The fund-raising will be completed in the next one year,” AkshayDewani, chief executive officer, residential, Assetz Property, told media.
The fund will be used to buy land parcels to develop 15 million sq ft of residential projects across Bengaluru apart from venturing into newer geographies like Pune, Chennai and Hyderabad.
The new fund will invest in building properties between Rs 3,700 and Rs 5,500 per sq ft with the majority of money earmarked for Bengaluru.
“There are institutions eyeing Indian realty and looking at mechanisms to invest,” Dewani said.
Assetz raised Rs 900 crore from financial institutions. These included Altico Capital, HDFC Bank and Aditya Birla Finance.
In the last three years, the firm has raised money from investors like Equis Funds Group, Apollo Global Management, JLL Segregated Funds.