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The real estate arm of Motilal Oswal Private Equity, Motilal Oswal Real Estate, announced the first close of its second real estate fund, India Realty Excellence Fund II LLP. The fund which was launched in November last year has raised Rs 225 crore and is targeting to raise Rs 300 crore with a greenshoe option of Rs 200 crore.
According to a press statement issued by the company, the fund will capitalise on the opportunities by focusing on mezzanine debt transactions which provide regular income through fixed coupon and a subsequent project linked upside. The fund will focus on the residential sector in top five cities of Mumbai, NCR, Bangalore, Pune and Chennai.
Sharad Mittal, Director & Head Real Estate Investments of Motilal Oswal Real Estate said: “We believe that next 12-18 months is an interesting period for doing mezzanine transactions. We are currently evaluating few opportunities in line with our strategy and are in the process of concluding them. ”
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