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Jun 21, 2012

INDIAREIT MUMBAI REDEVELOPMENT FUND - 2012

INDIAREIT MUMBAI REDEVELOPMENT FUND

PiramalHealthcare backed Indiareit Fund Advisors Pvt. Ltd has launched PE fund that will invest solely in redevelopment projects of slums, old housing societies and cessed buildings in Mumbai.

About REIT
  • The product comes from India REIT stable, which is one of the oldest players in real estate funds in India. It is Promoted by Piramal Healthcare Ltd., a US$1.8bn diversified conglomerate
  • Proven track record with over $900 million under management in multiple funds
  • The fund, unlike many other real estate funds, invests in redevelopment funds focused in Mumbai.
  • Redevelopment refers to Developers partnering with Slum dwellers/Tenants to resettle them into High Rise Buildings within the same micro market in lieu of free sale area
  • There is unmet demand for good quality living in slums which are often plagued with Inadequate civic infrastructure
  • With such projects slum dwellers get self contained houses and ownership with Improved quality of life
  • Over 12,000 acres of Slums/MHADA colonies, in prime city locations over 19,000 cessed buildings in the island city
  • Mumbai has over Over 9 million slum dwellers spread over 8600 acres. Mumbai’s slum population accounts for almost 10% of India’s total
  • It is also over 60% of city population and occupies over 55% of city land. This clearly indicates a huge opportunity in redevelopment space.
  • India REIT has past investments in redevelopment projects
  • Slum rehabilitation project with Omkar Realtors & Developers Pvt. ltd in Worli with land already cleared and development work commenced
  • Slum Transferable Development Rights project with Aristo Developers in Chembur at  Advanced stage
  • Strong management team headed by Headed by Mr. Ramesh Jogani with over 25 years of Real Estate experience
Key Features
  • Fund size INR 350 Cr with a greenshoe of INR 150 Cr.
  • Primary Investment Vehicle Equity, Preference Shares & Debentures of unlisted company
  • Target Investor Institutions, Corporates and HNI
  • Minimum Commitment INR 25Lacs
  • Draw Down Tenure 36 Months (Initial draw down of 20%)
  • Fund Tenure 7 years + 2 extensions of 1 year each
  • Hurdle Return 10% per annum
  • Profit Share post hurdle on Equity
  • 80:20 with catch up (82.5:17.5 for commitment more than INR 10 crores and 85:15 for commitment more than INR 20 Crores)
  • Investor Exit Mapped to disinvestment in investee companies / Third party sale
  • Fair Market Valuation of Investment, Yearly valuation by leading third party property consultant
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