Thursday, 26 January 2012

Century Real Estate to set up Rs 100 crore VC Fund

Bangalore-based possessions firm Century Real Estate Holdings is setting up a scheme capital fund with a corpus of around Rs 100 crore

real estate

Century will initially raise money from family and friends and later tap the larger investor community, said a person familiar with the development.

The fund will invest in pre-development of land owned by Century across south India, where the real estate company will have control over development rights.

Century declined to comment on the proposed fund. Further details on the fund were not immediately available.

Last year, the developer had raised Rs 370 crore in three tranches through non-convertible debentures from Kotak Realty Fund and JM Financial, a non-banking finance company. The company had also raised around $200-million from Goldman Sachs during the slowdown of 2008-09.