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Yatra Capital, an India focused real estate fund, plans to raise €150 million (or $212 million) through an equity offering in the Netherlands and private placements, according to a report. Yatra is already listed in the Euronext exchange in Amsterdam, from which it raised €100 million ($136 million) in December last year. Yatra has already made five investments in India which amount to €88.4 or $125 million.
Yatra said it will use the new proceeds to invest in Indian real estate development projects identified by its Mauritius-based subsidiary, K2 Property Ltd. K2 Investment Committee has apparently identified further financing opportunities of €231 million.
Some of the investments of Yatra include $9.18 million in a 50-50 joint venture with Modi Build-Well Ltd in Gujarat, $23.5 million in Market City, Pune, $5 million in the Mumbai-based Phoenix Mills Ltd, $30.5 million in Pune’s Kolte Patil Developers, among others.
The fund is founded by ex-HSBC executive Ajoy Veer Kapoor and Rohin Shah, and backed by investors like Morley Fund Management, Fortis Investments and Standard Life. Yatra was the first Indian real estate company to list in Euronext stock exchange of Amsterdam. The fund’s focus is to invest in tier II and tier III cities of India, which will invest through Saffron Capital Advisors, an asset management advisory firm.
Yatra MD Ajoy Veer Kapoor was earlier quoted by the media as saying that the fund was planning to raise $600 million to invest in India. Of this, $200 million is being raised from the proposed equity offering. The rest would be raised for the hospitality sector and for the warehousing and storage sector ($200 million each). The company was also planning to raise a domestic fund of Rs 300 crore ($75 million).

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Yatra Capital Invests $9M In A Gujarat Project; To Raise $675 Million More