The Indian real-estate firm, Motilal Oswal Real Estate (MORE), a subsidiary of Motilal Oswal Group has endowed INR 83 crore in three Chennai-based projects of Radiance Group. The investment by MORE in the three projects is made in the form of mezzanine debt, as reported by the Indian daily news.
For the investment, MORE has utilized India Realty Excellence Fund III and India Realty Excellence Fund IV which are originally employed to possess land parcels to expand three housing projects in Chennai.
Radiance is one of the leading developers in Chennai, and it enjoys a very good reputation in south India. The investment is a new relationship for us and we are committed to building it further over the next few years, said Sharad Mittal, CEO at MORE.
Recently, the fund house proclaimed that the first closure of its fourth fund, IREF IV, at INR 575 crore and is planning to attain the final closure by the cessation of FY19.
The investment is in line with our strategy to partner with reputed established developers at land acquisition stage and garner significant delta for our investors, said Mittal.
He asserted that Indias southern market is crucial for the fund and apprised that the fund has endowed 40 per cent of its portfolio in the southern real estate market.