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TO CASH in on the growth of organised retail in India,
UK and SA-based real estate investment groups have launched the retail
property Triangle Real Estate Fund for India.
The $500m fund will be routed through Mauritius and managed by Property
Zone, a joint venture between Old Mutual Investment Group Property Investments
SA and ICS Realty Private, India.
“Unlike most other real estate investors, the fund will dedicatedly
concentrate on tier two and tier three cities in India,” said Nick
Harvey Jones of Strutt & Parker Real Estate Financial Service, the
fund’s placement agent for the UK and Europe.
Four projects in the cities of Aurangabad, Jaipur, Indore and Nagpur
have been selected for the first phase of investment. Surat is also
being considered,” Nick Harvey Jones of SPREF said.
“It is a high net worth investor fund which requires minimum investment
of $500000 from an individual and $5m form institutional investors,”
he said.
Two deals, consisting of 11 projects worth more than $200m were in the
pipeline.
The first undertaking was being planned through a UK-Indian joint venture.
The second deal in pipeline consists of seven projects of multipurpose
retail property. The two deals will attract an investment of $100m each.
The Old Mutual Group has seeded the fund with $125m.
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Newsletter:
3 February 2012 to 10 February 2012 - Krugersdorp, Gauteng, South Africa
