Indiareit raises $161m for Indian real estate investment

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Indian real estate firm Indiareit Fund Advisors, has raised INR10bn ($161m) for its latest investment fund.

The capital will be directed to India’s main metro cities in the country, according to the Economic Times.

The firm operates as the real estate private equity arm of Indian conglomerate Piramal Enterprises. In all it manages just under $700m across five funds two separate accounts.

In November 2013 Indiareit raised $118m for its Domestic Scheme V vehicle.

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