Singapore-based real estate developer Assetz to float $250m fund for India

Singapore-headquartered real estate developer Assetz Property is planning to raise $250 million for a fund that will invest across mid-income residential projects in India.

According to a report in The Economic Times, Assetz plans to develop 15 million sq ft of residential projects across Bengaluru apart from venturing into newer geographies like Pune, Chennai and Hyderabad.

“We are reasonably institutionalised and have the capability to provide transparency and higher fee to investors. The fund-raising will be completed in the next one year,” Akshay Dewani, chief executive officer, residential, Assetz Property, told the news paper.

The proposed fund will be used to buy land parcels to develop 15 million sq ft of residential projects across Bengaluru apart from venturing into newer geographies like Pune, Chennai and Hyderabad.

The news report comes close on the heels of Assetz raising Rs 900 crore from financial institutions including Altico Capital, HDFC Bank and Aditya Birla Finance to expand its residential portfolio in Bengaluru.

Last year, Sydney-based LOGOS Group and Assetz Property Group had partnered to set up a logistics and warehousing platform that will invest around $400 million of equity capital to build and manage specialised logistics and industrial parks in India.

“There are a lot of institutions eyeing Indian realty and looking at various mechanisms to invest,” said Dewani.

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