Motilal Oswal Real Estate raises Rs 650 cr fund for mid-income/affordable housing projects
New Delhi: Motilal Oswal Real Estate has said it has raised Rs 650 crore for a PE fund which will be utilized for providing debt to mid-income/affordable residential projects in top seven cities in the country. The fund will also invest in commercial projects selectively. The company has announced first close of India Realty Excellence Fund V (IREF V) which is the fifth real estate fund by Motilal Oswal Real Estate.
IREF V will provide senior secured debt for post-approval projects. It will undertake 12-15 transactions over its entire fund life.
The money has been raised for the Fund from HNIs and some family offices. The Fund is set up as alternative investment fund (AIF Category II).
MORE is part of the Motilal Oswal Private Equity (MOPE), the alternative investments arm of Motilal Oswal Financial Services Ltd. The cumulative assets under management under MOPE is about Rs 7,500 crore.
“We believe that the realty sector is currently at an inflection point. With this fund, our cumulative private equity AUM has crossed USD 1 bn and real estate forms a key part of that AUM. We will continue to strengthen our position as a real estate investor by capitalizing on such diverse opportunities over years to come,” said Vishal Tulsyan, MD & CEO, MOPE.