|Publication Name||Yahoo News|
|Headline||HDFC Property Ventures plans new fund next yr|
|Date||October 17, 2015|
HIREF-HDFC International Realty Fund — an offshore fund advised by HDFC Property Ventures — is planning to float a new fund by the middle of the next year.
The company intends to float the next fund after returning the investments made in the initial offshore fund to the foreign investors by March 2016. It has to return around R2,500 crore by March, 2016, said K G Krishnamurthy, MD & CEO of HDFC Property Ventures.
Speaking on the sidelines of an event to announce a new real estate project in which HIREF-HDFC International Realty Fund has made a R100-crore investment, he said the company has completed investments from the first offshore fund of $800 million and a large part of the second offshore fund of $350 million is also committed.
It has announced investment of Rs 100 crore into a signature project of Chennai-based property developer True Value Homes (TVH) under the name TVH Titanium City.
Krishnamurthy said that HDFC Property Ventures has already returned around $140 million to its investors from the first fund. Around $320 million of the total $350 million second fund has also been committed. In the city-based realty project, the fund has picked around 26% equity stake. The money will be invested to support the township project which will spread over in 100 acres of land.
TVH will develop the project in four phases, with the first phase set to have 25 acres of plotted development. The next three phases will see the launch of Row Houses, Villas, Apartments and Commercial developments.