Fund management firm Mt K Kapital on January 16 announced the raise of Rs 350 crore in the Mt K Resi Development Fund (Category-II Sebi-registered Alternative Investment Fund) from anchor investors like SBI, Famy Care, Rustomjee and other HNIs, according to the statement issued by the firm.
Around 50 percent of the raised funds are in the process of being committed towards three identified redevelopment projects in the Mumbai Metropolitan Region (MMR), including two in Bandra and one in Andheri with sale areas ranging from 0.5 to 1 lakh sq ft each.
The fund aims to invest in eight to 10 projects in the MMR, with a focus on redevelopment with the Rustomjee Group as the development partner. Mt K Resi Development Fund is Mt K Kapital's ESG Impact Development Fund that provides the opportunity for investors to participate in the equity returns of real estate projects with a marquee developer, said the firm in the statement.
“We are delighted to have reached this milestone of raising Rs 350 crore from investors who are not just industry stalwarts, but also long-term visionaries, who have partnered with us in our journey. We are fortunate to be backed by Rustomjee and our intention is to bring the right kind of capital to the real estate sector in times to come," Binitha Dalal, founder and managing partner at Mt K Kapital, said.
"We are also privileged to have anchors like Famy Care and SBI join us in this journey. The positive response towards the fund only strengthens our belief in building the platform as a differentiator and we hope to reach our goal of being one of the premier real estate fund management companies in the future.”
“We are delighted and proud to back Mt K Kapital, and its foray into the fund management business. Through this fund, we continue to leverage our development expertise in the MMR while partnering towards maximising value to the investors. This is a new pool of capital that works on the principles of win-win for all stakeholders and partners. In times to come, the platform will grow and create a new pool of capital for the sector,” Boman Irani, Chairman and Managing Director of Rustomjee Group, said.
Also read: Rustomjee Group to roll out real estate fund sized at up to Rs 570 crore
Mt K Kapital is a real estate focused fund management company with SEBI approved Category II Alternative Investment Fund license, that will invest in real estate projects across the spectrum.
The company’s long-term vision is to become India’s largest real estate fund management platform.
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