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Societe Generale Asset Management plans to raise up to 200 million euros ($296 million) for investing in residential properties in India. The fund is expected to be closed by September 2008, reports Reuters (via Mint), quoting a senior official of the firm. Jean-Christophe Ginet, the global head of real estate at Societe General Asset Management, told Reuters on the sidelines of property conference in Tokyo that the funds will be raised in phases. It will raise 50 million euros by January, 2008, and the remaining will be closed by September.
The firm has tied up with local partners in India to develop residential projects targeting middle and upper-middle class consumers to invest in 10 to 12 township projects, which include one residential project in Jaipur. There have been earlier reports of SG Private Banking, the private banking arm of Societe Generale, planning to launch an India dedicated real estate fund. The firm is also looking for partnerships in private equity in India.