Indian developer Unitech has raised $300 million (€189 million) from international investors for its global real estate fund, Unitech International Real Estate Fund. The fund is targeting $600 million, according to a report in the Business Standard.
The fund will invest in Unitech’s residential projects in India and is expected to deploy its capital over the next few months. The vehicle has a lifespan of ten years and is looking to raise another $300 million from the global investor group by September.
Media reports have revealed a Japanese bank and Europe-based high-net-worth individuals were investors in the Unitech International Real Estate Fund.
The Indian developer’s asset management company, Unitech Realty Investors, will manage the funds. It currently directs approximately Rs20 billion ($467 million; €295 million) worth of funds through CIG Realty Fund I, II, III and IV. The funds have acquired land in the Indian cities of Gurgaon, Chennai, Kolkata, Hyderabad and Kochi.
Last month, Unitech sold a 50 percent stake in its Santacruz project in Mumbai to Lehman brothers for $175 million. It is currently in talks with Lehman Brothers to raise funds for other commercial projects in the country.