ICICI Prudential launches real estate securities fund

New Delhi, Nov 21 (UNI) ICICI Prudential AMC today launched country's first real estate securities fund, 'ICICI Prudential Real Estate Securities Fund', which will invest up to 49 per cent in equity of companies engaged in industries benefitting from the real estate sector or have substantial investments in property.

The fund is a three-year close-ended debt fund and will predominantly invest (51 per cent to 100 per cent) in high yielding debt securities issued by companies associated with or benefitting from the real estate sector, said a company statement.

''Investors will get an opportunity to participate in this promising sector through this fund,'' ICICI Prudential AMC Ltd Managing Director Nimesh Shah said.

ICICI Prudential AMC Ltd is the joint venture between ICICI Bank and Prudential, and is the largest asset management company in the country with assets under management of around Rs 56,273 crore.

UNI