Indiareit fund invests Rs200 cr in realty projects

MUMBAI: Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has made two investments totaling Rs200 crore in realty projects in Mumbai, Pune and Bangalore, the fund said in a release on Tuesday.

Of the two investments, the first, worth Rs100 crore, is in a residential project developed by Omkar Realtors & Developers at Bhoiwada in central Mumbai. The under-construction project is spread over 17 acres and has a potential free-sale component of 2.5 million sq ft. This transaction also marks the maiden deal for Indiareit’s recently concluded Rs400-crore Mumbai Redevelopment Fund. Indiareit’s second transaction is for investment of Rs100 crore in Pune-based Marvel Group’s projects in Pune, Bangalore and Mumbai. Marvel Group has total 15.3 million sq ft space under construction spread over 38 projects.

Indiareit has made this investment from Indiareit Domestic Scheme IV that has a total corpus of Rs900 crore.