Motilal Oswal PE’s realty arm raises over Rs 1,000 crore
Motilal Oswal Real Estate (MORE), the real estate arm of Motilal Oswal Private Equity (MOPE), has raised over ` . 1,000 crore for its third real estate fund and plans to invest the money in structured debt and mezzanine transactions across the six top Indian cities.
IREF III has already committed around 70% of its capital across total 12 transactions in these markets and is likely to be fully committed by the end of current financial year, people close to the development said.
MORE has till date invested in the sector through three real estate funds. Along with non-convertible debentures (NCDs) and proprietary investments, its cumulative assets under management are currently over 2,000 crore. It raised `. 200 crore under IREF in 2009-10 and ` . 500 crore under IREF II in April 2015 and has now achieved final closure for third fund.