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HI-REF announces closing

Our Bureau

Mumbai , July 8

HDFC Property Fund announced the closing of its first real estate venture fund, on Friday, said a press release. Called HDFC India Real Estate Fund (HI-REF), the seven-year close-ended venture fund, which was privately placed, has a cumulative corpus of Rs 1,000 crore. The funds from the scheme would be invested in equity and equity-linked instruments of companies engaged primarily in real estate projects in major Indian cities. The fund has been launched with State Bank of India.

HI-REF was open for subscription from domestic institutions and high net worth individuals. The scheme had a minimum contribution of Rs 5 crore per investor with HDFC and SBI having contributed Rs 100 crore and Rs 200 crore respectively.

The fund would be managed by HDFC Venture Capital Ltd, in which SBI has a 19.5 per cent shareholding apart from HDFC. HI-REF will invest in three broad classes of projects, those that are complete, those in the development stage and those in the planning stage. These will be in the residential as well as commercial sector, the release said.

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HI-REF announces closing

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