The Motilal Oswals’s real estate arm, Motilal Oswal Real Estate (MORE) made an investment of Rs. 83 crore as mezzanine debt in three projects that are being developed by the Radiance Group in Chennai.
This investment is made by the private equity real estate fund through India Realty Excellence Fund III (IREF III) and India Realty Excellence Fund IV (IREF IV), is being utilized mainly to acquire land for the development of three mid-income housing projects in Chennai.
Sharad Mittal, CEO, MORE said that the Radiance group is one of the leading developers in the Chennai city and has a good rapport in Chennai and the entire south India region. We entered into a new relationship with this investment and are committed to develop the same in the coming future.
The funding institution recently announced the first close of its fourth fund, IREF IV, at Rs 575 crore and is looking forward to achieve the final close by the end of current financial year.
Mittal, CEO also said that the investment is a strategic discussion while sensing the reputation of our partner’s reputation at the land acquisition stage and also to garner significant delta for our investors. He further said that the South India market is essential for the fund and the same has made an investment of 40% of its total portfolio in the property market of South India.
According to a report from the real estate consultancy firm, the South India cities witness the launch of approximately 58,402 residential units in three southern cities.