Housing Development Finance Corporation (HDFC) today announced the closing of its first sponsored international real estate fund, HIREF International LLC, at $800 million.
The nine-year, close-ended fund, open for subscription from only foreign investors, was subscribed to by 28 investors.
Renu Sud Karnad, chairperson of HDFC Property Ventures and executive director of HDFC, said: "The objective of the fund is to invest in FDI- compliant real estate projects in India to achieve long-term capital appreciation. The fund will target equity returns of 20-25%. The fund will have a conservative approach with no regional or sector bias, and would invest in residential, commercial, hospitality, education and healthcare sectors and at the developers' entity level."
With this international real estate fund, HDFC will be the largest player in the real estate private equity space in India, the release added.
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