A realty fund launched by India's No. 2 listed developer, Unitech Ltd, has raised $300 million from international investors for the firm's projects, a company spokesman said on Thursday.
“This is the first tranche. Another $300 million will be raised by September,” the spokesman said. He declined to name the investors.
The Economic Times newspaper, citing an identified senior Unitech executive, said a Japanese bank and some Europe-based wealthy individuals were the investors in the Unitech International Real Estate Fund.
Property firms have been chasing private equity investors to tide over a cash crunch caused by rising lending rates, high inflation and falling stock markets.
Unitech Ltd last month sold half its stake in the first phase of a commercial real estate project in Mumbai to Lehman Brothers Real Estate Partners for $175 million rupees and said it was looking for private equity investments of about $1 billion for its hotel and other projects.
Source: Reuters