HDFC’s global realty fund raises $800 million

HDFC has announced the closing of its $800 million (Rs 3,280 crore) sponsored international real-estate fund, making it one of the country’s largest international real estate funds.

HDFC has announced the closing of its $800 million (Rs 3,280 crore) sponsored international real-estate fund, making it one of the country’s largest international real estate funds. The nine-year close-ended fund — HIREF International LLC — open for subscription from only foreign investors was privately placed with 28 investors.

Said HDFC Property Ventures Ltd chairperson and HDFC Ltd executive director Renu Sud Karnad, “The objective of the fund is to invest in FDI compliant real estate projects in India to achieve long-term capital appreciation. The fund will target equity returns of 20-25 per cent.”

Karnad said that through strong industry relationships, the fund expects to have a competitive advantage over similar funds and generate enhanced returns for investors.

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“The fund will have a conservative approach with no regional or sector bias and would invest in residential, commercial, hospitality, education, healthcare sectors and developers’ entity level.”

The fund believes that the Indian real estate market currently presents a very compelling investment opportunity for investors. HDFC Property Ventures Ltd managing director K G Krishnamurthy said, “We will be identifying and advising on opportunities available with reputed developers in the major cities having sound fundamentals.”

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