Indiabulls Asset Management Company is planning to raise Rs 1,000 crore during this fiscal to get more commercial and residential spaces under its fold.
"The plan is to raise Rs 1,000 crore through Alternative Investment Fund (AIF) 3," Ambar Maheshwari, chief executive officer (private equity funds), Indiabulls Asset Management Co, said.
It has a portfolio of residential and commercial spaces of Rs 2,000 crore each.
The AIF 3 - Indiabulls Dual Advantage Commercial Asset Fund will focus on commercial assets in Tier-I cities to get a regular rental income and capital appreciation as returns on investment.
Indiabulls Asset offers close ended investments in assets across Tier-I cities.
Recently, the company acquired a commercial project – Sky View Corporate Park – in Gurugram. The acquisition is a multi-phase development planned on a 21-acre land. The 2.35 lakh square feet at this corporate park has been bought from Hines India, an American real estate developer, and leased out to an information technology firm. For this property, it has tied up with co-investor InterGlobe Real Estate Ventures.
After Gurugram, the company is closing in another commercial real estate deal in Hyderabad.
