“We are blissful with a response we have perceived for a Fund. We trust that subsequent 12 to 18 months is an engaging duration for doing passageway transactions,” pronounced Sharad Mittal, executive and head, genuine estate investments during Motilal Oswal Real Estate.
According to a press matter expelled by Motilal Oswal Real Estate, IREF II will concentration on a residential zone in a country’s tip 5 cities, a list that includes, Mumbai Metropolitan Region, National Capital Region, Bangalore, Pune and Chennai, and will partner with developers carrying proven lane record.
“We are now evaluating few opportunities in line with a plan and are in a routine of final them,” Mittal was quoted as observant in a press release.
Mittal was hired from ICICI Prudential in 2013, to spearhead a PE firm’s genuine estate investment initiatives.
ET was a initial to news Motilal Oswal’s skeleton for second residential-focused real-estate private equity account in Oct 2012.
IREF II is preceded by Motilal Oswal’s lass genuine estate account – a Rs 200 crore IREF we – that was lifted in 2008, and has invested in 7 projects opposite Mumbai, Pune and Bangalore with developers, including, Godrej Properties, Supreme Universal, among others.
According to press statement, IREF we has returned about 60% of a sum collateral commitment, within 12 months from a finish of a investment period.
Separately, Motilal Oswal PE also operates dual sector-agnostic expansion collateral supports – a $125 million (Rs 550 crore) India Business Excellence Fund-I (IBEF I) and a $155 million (Rs 950 crore) India Business Excellence Fund-II (IBEF II.)
IBEF I, a sector-agnostic investment vehicle, invests between $5 million (Rs 30.9 crore) and $15 million (Rs 92.7 crore) in mid-market companies, opposite sectors, such as, food processing, bulk packaging, energy transformers, energy infra enablers, EPC and engineering goods, among others.
IBEF II typically invests in a operation of $8 million (Rs 49.5 crore) to $15 million (Rs 92.7 crore), and has done dual investments compartment date.