Kotak Realty Fund has made its first investment in Nirmal Group’s project in suburban Mulund from the newly raised $392 Mn offshore fund. The fund has invested INR 3,000 Mn through a structured finance route a combination of debt and equity.
The infusion will be used for the development of the project which is till at a early stage as well as to refinance some of its debt.
Kotak’s second fund is backed Abu Dhabi Investment Authority which had committed $200 Mn in July 2011. The fund had made the first close with this commitment and expects to close 10-15 deals with an average transaction size of INR 1,500-2000 Mn.
This is Kotak’s second real estate offshore fund. It had raised $265 Mn from overseas investors in 2007 and around 52% of the investments made from the first fund has been sold.
Nirmal Group builds premium residential projects as well as townships in Mumbai and had raised an additional Rs.150 crore of debt from a non-banking financial company for another project in Mumbai this year.
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