| Log in

Indiareit Invests In Mumbai Developer Neptune Group

26 November, 2008

Ajay Piramal promoted Indiareit Fund Advisors has invested in Mumbai-based developer Neptune Group. When contacted by VCCircle, a spokesperson at Indiareit confirmed the investment but refused to divulge any details of the deal. However a report states that Indiareit has invested Rs 300 crore in Neptune for a 15% stake. The investment is in the company and not in a project.

Neptune develops residential projects, IT parks, shopping malls and corporate business parks. It is currently developing projects in Pune, Hyderabad, Chennai, Vishakhapatnam, Kochi and Nagpur. It has also partnered with Foster+Partners, a well known architecture firm based out of London, for corporate park it is developing in Kurla.

This is the second big ticket investment in a real estate firm by private equity funds in last few months. In August this year Hyderabad-based infrastructure and realty company Indu Projects Ltd raised $113 million for a 14% stake from Credit Suisse.

Indiareit has raised two domestic funds of Rs 430 crore and Rs 550 crore raised in 2006 and 2007 respectively. The first offshore fund of $200 million was raised in 2006, in which UK private equity major 3i Group invested $40 million. Indiareit invested Rs 225 crore in Bangalore-based Skyline Constructions & Housing in 2007. It has also invested in a mixed use project in Hyderabad and a township-cum-SEZ in Pune.


Leave Your Comment
IndiaREIT To Sell Stake In Neptune Developers Via IPO

IndiaREIT To Sell Stake In Neptune Developers Via IPO

Manish Tulsian 8 years ago
IndiaREIT, a real estate venture capital fund promoted by the Piramal Group, is...
Indiareit Fund Eyes Up To Five Exits This Year

Indiareit Fund Eyes Up To Five Exits This Year

Reghu Balakrishnan 8 years ago
Buoyed by the recovery in the real estate sector, Indiareit Fund Advisors,...
News Roundup: Indiareit Sells Kurla Property For Rs 450Cr

News Roundup: Indiareit Sells Kurla Property For Rs 450Cr

TEAM VCC 7 years ago
Indiareit Sells Kurla Property For Rs 450Cr – Indiareit Fund Advisors, a...
No Comments

Indiareit Invests In Mumbai Developer Neptune Group

Powered by WordPress.com VIP