IDFC’s real estate arm to mop up $500 million via PE fund: Report

IDFC Real Estate Investments, subsidiary of Infrastructure Development Finance Company (IDFC) is reportedly planning to raise $500 million through private equity (PE) fund and will invest in leased-out commercial assets.

Further, IDFC is looking to develop a portfolio of commercial projects with the help of its balance sheet, and then selling the same to investors worldwide, to participate in the fund.

At present, nearly 15 real estate-focused private equity funds are looking forward to mop-up around $4 billion from domestic as well as global investors. This PE fund includes Redfort Capital, Indiareit, ASK, Morgan Stanley, Walton Street and Sun Apollo.

IDFC Group posted growth of 16.79% in its Q4FY12’s net profit after tax, Minority Interest and Share of Profit of associates of Rs 334.83 crore as compared to Rs 286.68 crore for the quarter ended March 31, 2011. Total Income increased by 31.72% to Rs 1721.11 crore for the quarter from Rs 1306.65 crore for similar quarter of FY11.