Market Sources, 2009-09-16
by India Research Team
Delhi, India
REALTY FUNDS
Indiareit in line to set up its second real estate fund
As reported in The Economic Times, Piramal Group’s promoted Indiareit Fund Advisors is setting up its second real estate fund with a corpus of INR 500 crore and expects to raise the money from investors by the end of the year.
According to Ramesh Jogani, Indiareit Fund Advisors managing director and CEO, the fund would invest in projects in Mumbai, New Delhi and Alibaug, a tourist town near Mumbai, and will be restricted to the residential segment. The new fund may also invest jointly with the existing fund.
The group had earlier floated Indiareit Fund, a $450-million (INR 2,025 crore at current exchange rates) real estate fund in 2006.
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Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 11,000 employees span the world in 293 offices in 61 countries. On a worldwide basis, Colliers manages 868 million square feet, and has revenue of over USD 2 billion.
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