IL&FS raises $578 mn real estate fund

MUMBAI: IL&FS Investment Advisors on Wednesday said it has raised $578 million through its second real estate fund and targets to close the fund at $750 million.

IL&FS India realty Fund-II will invest in an entire gamut of real estate spaces across tier-I and tier-II cities, a press release issued here today said.

IL&FS Investment Advisors is a wholly-owned subsidiary of IL&FS Investment Managers Limited (IIML).

IIML had raised $525-million through its first real estate fund in April 2006, the company said.

"The investment team has seen investment opportunities across various sectors ranging from residential, retail, commercial and has the confidence to access prudent investments across all sectors in this space," IIML's Vice- Chairman and Managing Director Shahzaad Dalal said in the release.

IIML is currently managing investments in excess of USD 1.5 billion across various sectors, it said.