Motilal Oswal Real Estate (MORE) Raises Rs. 575 Crore For Affordable Housing

    Date:

    Share post:

    Motilal Oswal Real Estate (MORE), a real estate subsidiary of Motilal Oswal Private Equity (MOPE), has raised over Rs 575 crore. The amount has been raised through the first close of its fourth real estate fund India Realty Excellence Fund IV (IREF IV) and will be deployed in affordable housing projects.

    “We have achieved the first close worth Rs 575 crore for the fund within three months of launch,” Sharad Mittal, director & CEO, MORE, told ET. “In this fund, we have also witnessed repeat commitments from many existing investors from our previous funds.”

    MORE’s newly raised fund will be used to develop mid-income and affordable residential projects across six top cities in India. Also, some of the capital will also be selectively invested in commercial projects as well.

    IREF IV is expected to focus on early-stage structured equity and debt investments with established developers. The fund will also undertake 12-15 transactions with an average size of Rs 80 crore to Rs 150 crore each. The fund, according to Mittal, has a strong pipeline of deals and plans to make its first investment over the next few weeks.

    The capital reportedly has been raised from high net worth individuals (HNIs) and family offices. This new MORE’s fund strategy seems to be the extension of two earlier funds, IREF II and IREF III.

    Apart from IREF II and IREF III, MORE has invested capital in the real estate sector through portfolio management services (PMS) and proprietary (Prop) investments as well. In fact, MORE has Rs. 2100 crore worth of assets under management, out of which IREF has Rs. 200 crore while IREF II has Rs. 500 crore.

    A Snippet Of IREF III-Portfolio

    IREF III manages assets worth Rs. 1030 crore and the rest of the assets are under PMS / Prop Investments.

    Through its earlier funds, MORE has formed partnerships with various developers over the last four years. In fact, it is known to have made six investments in Chennai’s Casagrand Group, five in Delhi-NCR’s ATS Infrastructure, three in Mumbai’s Rajesh Lifespaces and two in Bangalore’s Shriram Properties.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    Haryana Government to Connect Under-Construction Global City Project With Delhi-Gurgaon Expressway

    The Haryana government is planning to build a 60-meter-wide road linking the Delhi-Gurgaon Expressway to the under-construction Global...

    Noida To Get 400-Metre Circular Skywalk at Sector 62/63

    A new 400-meter circular skywalk is set to be constructed at the busy Sector 62/63 intersection in Noida....

    India’s Data Center Capacity to Cross 4,500 MW by 2030 – Colliers Report

    India’s data center capacity across the top seven cities is projected to exceed 4,500 megawatts by 2030. This...

    New Elevated Road to Connect Greater Noida and Delhi-Meerut Expressway

    The Greater Noida Authority on Friday approved a proposal to construct a 4-kilometer elevated road. This road will...