Piramal to tie-up with CDPQ; will create $250-500mn realty fund

Ajay Piramal group’s financial services arm Piramal Finance is likely to announce a tie-up with Canada based CDPQ's realty arm for an investment platform.CNBC-TV18 learns from sources that CDPQ's real estate arm Ivanhoe Cambridge is expected to announce a tie-up with Piramal Enterprises which will result in a real estate fund.Sources cited above suggest that the fund will target to invest amounts ranging from USD 250 to USD 500 million into the real estate sector in the country, which will be a big boost for the cash-crunched sector.With this partnership Ivanhoe Cambridge is doing a re-entry into the country as its previous entry in 2008 didn’t result in a headway and it had been dormant ever since.With the likely announcement with Ivanhoe Cambridge today, this will be Piramal’s second partnership. The company already has a tie-up with Bain Capital for a separate investment fund.