Key Takeaways
- • Raymond Realty said on Monday it has raised Rs 210 crore from the ICICI Prudential Real Estate Development Fund to finance a redevelopment project in the Mumbai Metropolitan Region (MMR).
- • The investment was secured by subsidiary Ten X Realty West Ltd, according to a regulatory filing by Raymond Realty.
- • The ICICI Prudential Real Estate Development Fund is a scheme of ICICI Prudential Real Estate AIF, a Category II Alternative Investment Fund.
- • Harmohan Sahni, Managing Director & CEO of Raymond Realty, said the capital will help the company scale rapidly, optimize capital efficiency and accelerate project timelines.
Summary
Raymond Realty said on Monday that it has raised Rs 210 crore from the ICICI Prudential Real Estate Development Fund to finance a project in the Mumbai region, according to a regulatory filing. The company said its subsidiary, Ten X Realty West Ltd, has agreed to secure the financial investment from the Fund.
Raymond Realty and the Fund will jointly invest in Ten X Realty West to facilitate the redevelopment of one of the company's projects in the MMR. The filing and subsequent coverage identify the project as located in the Mumbai Metropolitan Region, with CNBC TV18 describing it as a Mumbai redevelopment project.
The ICICI Prudential Real Estate Development Fund is a scheme of ICICI Prudential Real Estate AIF, a Category II Alternative Investment Fund. The structure places the capital within a private, closed-end vehicle typical of institutional real estate co-investment.
Harmohan Sahni, Managing Director and CEO of Raymond Realty, said: "This investment allows us to scale rapidly, optimize capital efficiency, and accelerate project timelines while staying firmly committed to our core promise of sharp execution and delivering long-term value to our stakeholders." Raymond Realty describes itself as one of the leading real estate developers in the country.
Raymond Realty and the Fund will jointly invest in Ten X Realty West to facilitate the redevelopment of one of the company's projects in the MMR. The filing and subsequent coverage identify the project as located in the Mumbai Metropolitan Region, with CNBC TV18 describing it as a Mumbai redevelopment project.
The ICICI Prudential Real Estate Development Fund is a scheme of ICICI Prudential Real Estate AIF, a Category II Alternative Investment Fund. The structure places the capital within a private, closed-end vehicle typical of institutional real estate co-investment.
Harmohan Sahni, Managing Director and CEO of Raymond Realty, said: "This investment allows us to scale rapidly, optimize capital efficiency, and accelerate project timelines while staying firmly committed to our core promise of sharp execution and delivering long-term value to our stakeholders." Raymond Realty describes itself as one of the leading real estate developers in the country.
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