Unitech Realty Investors is raising two real estate funds worth $650 million, including a $500-million international and Rs 600-crore domestic fund. Unitech Realty investors already manages three domestic real estate funds worth Rs 1,750 crore and aims to have $1 billion under management in the next six months and $4 billion in the next four years.
Both domestic and international funds are likely to be closed in the next six months, according to a company official. The international fund, which has an eight-year horizon, will invest primarily in the residential and township projects of Unitech, spread across Mumbai, Visakhapatnam, Hyderabad and Chennai.
The domestic fund, which is a medium-sized fund and aims to mop up Rs 500-700 crore from individual and institutional investors, has an investment horizon of six years. The fund has a commitment of up to 15% of corpus size from Unitech. The fund’s investment will be spread across at least five projects. The residential and commercial projects will be spread in four cities.
Unlike in the case of other three funds of Unitech, where the entire corpus of Rs 1,750 crore is fully deployed in group’s real estate projects, this fund will invest in at least one non-Unitech project. A post-tax return of 20-25% at the project level is being targeted for domestic fund
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