Centrum Capital teams up with Indiareit Ramesh Jogani for realty fund
MUMBAI: Mumbai-based financial services company Centrum CapitalBSE 1.85 % has teamed up with the former
head of property fund Indiareit Ramesh Jogani to form a real estate private equity joint venture company, India Property Advisors
(IPAL), which will soon launch its first offering — the Mumbai Residential
Opportunity Fund.
The maiden offering, with a size of Rs 250 crore and a green-shoe option of Rs 100 crore, will seek to tap the opportunities arising from wide differences in pre-launch prices of new projects in Mumbai compared to the completed apartments. "The fund will invest in bulk residential apartments in select projects in the city at attractive price points and stages," said Jogani, without disclosing exact terms of the joint venture.
The maiden offering, with a size of Rs 250 crore and a green-shoe option of Rs 100 crore, will seek to tap the opportunities arising from wide differences in pre-launch prices of new projects in Mumbai compared to the completed apartments. "The fund will invest in bulk residential apartments in select projects in the city at attractive price points and stages," said Jogani, without disclosing exact terms of the joint venture.
COMMENT:
This is our second foray after the $100-million progressive India Fund launched in joint venture with Commonwealth Finance Corporation," said Rajnish Bahl, group managing director of Centrum Group
This is our second foray after the $100-million progressive India Fund launched in joint venture with Commonwealth Finance Corporation," said Rajnish Bahl, group managing director of Centrum Group
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