A
subsidiary of Tata Sons, the firm is an advisor to Tata Realty Initiatives
Fund, which raised and deployed its corpus of $750 million in several realty
projects in the country.
Tata Realty and
Infrastructure Ltd (TRIL) is planning to raise two
India-focused realty funds, including a $500 million international fund and Rs
300 crore ($55 million) domestic fund, according to separate reports in Business Standard and Business
Line.
The reports said the domestic
private equity fund will be used to invest in a chain of malls that the company
is looking to put up across the country through a build & acquire strategy.
At present, TRIL has malls under the Trilium mall brand and it plans to expand
to ten malls in next three year’s time. It is at present scouting six locations
for its retail mall assets.
The international realty fund will
be focus on green field development in the residential and other segments of
realty business. There is no clarity on the timelines for raising the funds.
TRIL, set up in 2007 to pursue
opportunities in the real estate and infrastructure sectors, is a wholly owned
subsidiary of Tata Sons, the holding company of the Tata group. It is an
advisor to an offshore fund — Tata Realty Initiatives Fund (TRIF - 1) — with a
corpus of $750 million (including a contribution from Tata Sons) for the
development of real estate projects.
The fund has invested in Ramanujam
IT SEZ in Chennai, mall and residential projects in Amritsar, Nagpur, Kochi and
an IT office space which it had bought from Kotak Realty Fund. It is not clear
if Tata Sons will also participate in the funding for the new proposed funds.
TRIL is looking to launch the
Trilium mall brand in two formats -- one in the high-end segment and the other
catering to the middle income segment. It is looking at cities like Coimbatore
and Mysore for the same.
TRIL joins a queue of several India-focused PE
firms looking to raise a whopping $5 billion to invest in real estate sector in
India. With new AIF guidelines and poor state of investment climate, most of
the funds are yet to begin raising money. Most of these fund houses have
exhausted their earlier funds or some have come to a life closure forcing them
to raise fresh capital.
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