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DLF Group's property fund, DLF Assets Pvt Ltd, has raised $600 million from two global investors. DLF Assets has received $200 million from a fund sponsored by Lehman Brothers and $400 million from another global investment firm D E Shaw. Both Investors would get representation on the board of directors of DLF Assets, which has been set up to buy properties developed by parent company DLF Ltd and others.

However, this money is "barely sufficient" to fund one quarter's growth, according to Ramesh Sanka, CFO of the group company DLF Ltd, as reported by Bloomberg. So the group plans to raise $1 billion more by end of the year to bankroll DLF Assets' property buying plans. After that, DLF Assets plans to list in the capital markets in the next 18 months to two years.

DLF Assets also announced that it has acquired 5.5 million square feet of property from the parent DLF Ltd. and plans to buy additional 7 million square feet this year. It will obtain 10 million square feet each year, DLF CFO said. DLF Assets also plans to become a Real Estate Investment Trust once they are allowed by the government. The government may allow REITS this year.