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Tata Mutual Fund plans realty fund, to target HNIs

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TWO Tata group entities — Tata Asset Management and Tata Realty & Infrastructure — are collaborating with each other to float a real estate mutual fund that aims to raise as much as Rs 500 crore from domestic high net worth investors, to invest in completed, revenueearning real estate assets pan-India.

"Tata Mutual Fund will be floating a Rs 300 crore yield-oriented realty fund with an option to retain another Rs 200 crore above the base amount. The proceeds are expected to be invested in commercial real estate assets such as occupied infotech parks with a stable tenant mix," said a top Tata group official.

While Tata Mutual fund will use its network to tap high net worth investors across the country, Tata Realty & Infrastructure (TRIL), a subsidiary of Tata Sons, will be in charge of sourcing appropriate deals for the fund that will allow the scheme to earn a regular stream of income and benefit from capital appreciation over the life of the fund.

TRIL may even consider selling IT parks that it has developed and leased out to marquee clients, to the fund to help the scheme accrue income as soon as possible.

The infrastructure development arm of the $100billion Tata group will also help the fund, manage and maintain the properties to ensure that they remain grade-A office structures.

"We will be making an application to the Securities & Exchange Board of India for a six-year alternate investment fund that will invest in rent earning commercial and retail real estate assets," a top Tata MF official told Financial Chronicle. Interestingly, TRIL is also an adviser to an offshore $700 million real estate fund that has invested in FDI-compliant projects across India. That fund is fully invested in a range of real estate projects pan-India.

The Tatas hope that they will be able to attract high net worth investors to diversify their portfolio by investing in this fund. At present, HDFC Ventures and Anand Rathi group run similar yield-oriented real estate funds. If they manage to raise Rs 500 crore, it will make the fund the largest such yield-oriented domestic realty fund operational.

Capital appreciation-oriented real estate private equity funds, which focused on buying land or developing properties, have had a mixed track record in India due to the delays in developing such properties that have ultimately affected the returns. While yield funds steer clear of developmental risks and try to minimise price risks by apt property selection, they too face issues such as lease periods for commercial real estate normally being of three to five years duration whereas internationally they are of a far longer tenure.
 

Globally, such yield-oriented real estate funds attract pension funds too as investors said fund industry experts. "TRIL will also help us conduct due diligence on the suitability of the assets proposed to be acquired by the fund. To provide more confidence to investors the Tata group will contribute around 15 per cent of the corpus of the fund," said a top Tata group official.

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