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Azure Capital, an integrated investment company and the promoters of India Realty Fund I, today announced the launch of India Realty Fund-II (IRF2). India Realty Fund-II is a rental yield fund that focuses on commercial properties across the top seven cities of India. The size of the fund is Rs 250 crores with an additional Green shoe option of Rs. 2.50bn aggregating to Rs. 5bn.
The India Realty Fund II (IRF-II) would primarily focus on Investment Grade commercial properties with lease to reputed tenants in the top seven cities of the country such as Mumbai, Delhi-NCR, Bangalore, Chennai, Hyderabad, Pune and Ahmedabad. Investment will be made into commercial properties that are pre leased, built to suit and also in structured deals where development risks are mitigated. The deployment of the IRF- II will be across 10-12 commercial properties with an average ticket size of Rs 250-300mn.
“These projects will provide regular returns to investors with an upside of capital appreciation. The valuations presently are quite attractive as developers are increasingly looking at deleveraging their assets. IRF- II targets such investors who have a low risk appetite,. Recurring yield income coupled with high and stable capital appreciation, diversified portfolio with superior risk-adjusted returns, absence of development risks together makes IRF- II a safe investment proposition in the Indian real estate fund category today” says Shailesh Ghorpade, CEO, Azure Capital Advisors Pvt Ltd.
The fund life will be 4 + 1 years and the fund plans to raise the entire corpus within 9 months from the first close.
IRF1 had successfully invested in residential real estate projects in Bangalore and other parts of India.