Portman to raise $300 mn India realty fund
Portman Holdings is looking to raise up to $300 million (over 1,600 crore) worth of third-party capital to invest in Indian property markets. The company is an US-based real estate development and investment company.
Portman Holdings will raise these funds in overseas markets beginning first half of 2013 and deploy the entire corpus in the next 30 months once the fund raising is concluded. Apart from these third-party funds, Portman will also continue to invest its own capital into Indian real estate.
Ambrish Baisiwala, CEO, Portman said that the company is bullish on India apart from US and China. Even at six per cent growth, India will be the second-fastest growing economy among the larger ones. Our existing two investments in India that it made since 2009 have been performing well with positive returns.
So far, Portman has invested $160 million ( 860 crore) in Pune-based Kolte-Patil Developers' two projects. Both are residential projects with total development of 1.8 million sq ft in Pune.