Piramal Enterprises promoted - Indiareit Fund Advisors Pvt Ltd is set to raise a $500 mn offshore fund. The company is talking to London based PE 3i to invest in the fund.

3i has invested $40 mn in Indiareit's $200 million offshore fund, which was raised in Oct 2006.

Indiareit’s 3i associated 2006 offshore fund has been invested in five real estate projects in India. That includes two projects promoted by Amsri Group in Hyderabad, two by Neptune in Mumbai and one from Paranjape in Pune.

The company has a corpus of Rs 1,850 crore raised through three real estate funds, two domestic and one offshore. It has used around Rs 1,400 crore by partnering with eight real estate developers for projects covering 47 million sq feet in five cities including Mumbai, Hyderabad, Bangalore, Chennai and Pune.

Other Real Estate Funds In India

Indiariet’s real estate partners include Neptune, Aristo and Samira in Mumbai, Amsri Developers in Hyderabad, Paranjape in Pune, Skyline in Bangalore and Chennai. Besides, Indiareit’s has invested in SSPDL’s three projects in Hyderabad, Chennai and Bangalore.

Indiariet has launched its fourth real estate fund - its third domestic fund of Rs 500 crore. The scheme, that was opened in the first week of November with a ticket size of Rs 50 lakh, will have its initial closure by end-January, Jogani said. This fund will have a greenshoe option of Rs 250 crore.

Currently Mumbai accounts for 47% in the Indiareit’s fund portfolio, followed by Hyderabad with 22% and Pune 18%. Bangalore and Chennai accounts for 11% and 2%, respectively.

Other Real Estate Funds operating in India include ICICI Venture's $562 mn real estate fund, Red Fort India Real Estate Fund, which recently picked up a stake in Ansal Properties and Milestone Domestic Fund II, which acquired 49% stake in Godrej Properties.