HDFC announces successful closing of its real-estate fund

Mumbai, Aug 30 (UNI) Housing finance major, HDFC today announced the closing of its first sponsored international real-estate fund, HIREF International LLC (the Fund) at USD 800 million.

The nine-year close-ended fund, open for subscription from only foreign investors, was privately placed and subscribed by 28 investors.

HDFC Executive Director and Chairperson (Property Ventures) Renu Sud Karnad said, ''The objective of the fund is to invest in FDI compliant real-estate projects in India to achieve long-term capital appreciation.'' According to Ms Karnad, the fund will target equity returns of 20-25 per cent. Through strong industry relationships and unparalleled expertise in the Indian real estate market, the fund expects to have a competitive advantage over similar funds and generate enhanced returns for investors.

UNI