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Real Estate >> News
Mauritius Paracor to Invest $ 200 Million in Housing Projects
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PTI
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Tuesday, February 21, 2012
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Mumbai: The Mauritius-based private equity fund Paracor Capital Advisors is planning to raise $ 200 million to invest in real estate projects in the country, a top company official has said.
"We will be raising $ 200 million by June to invest in real estate projects mostly residential, around 90 per cent. We are looking at projects in top seven cities," Paracor Capital MD and chief executive Anil Pathak told reporters on the sidelines of a real estate summit.
Paracor identifies investment opportunities in the country and advises overseas investment companies in selecting their investments here. The investment will be routed through its arm Madison India Real Estate Fund Mauritius that focuses on real estate and hospitality investments.
Pathak said the company has already tied up for raising the funds. "These funds will be mainly through high net worth individuals. Once we have the funds, we will cautiously invest in projects," he said, adding, "These funds will be invested for seven years".
Pathak said the company will be investing only after carrying out due diligence.
"We don't want to invest in any project that comes our way. We are getting inquiries from developers but we are not in a hurry to disburse our funds. We will invest only after scrutinizing the projects," he said.
Paracor Capital, which recently exited from two projects in Chennai, is likely to exit from a few more over the next two to three months, which will mainly be in the Western region.
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