Prestige Group to set up 2 realty-focused funds worth $500-M

Bangalore based realtor Prestige Group is planning to set up and manage two real estate-focused alternative investment funds worth USD 500 million to buy land to fuel its residential business. The proposed funds will be targeted at institutional investors and high net worth individuals (HNIs). They will also look at acquiring stressed residential projects and those that have gone to the National Company Law Tribunal (NCLT). In the proposed AIF funds, Prestige Estates will be the sponsor while institutional investors can come as co-sponsors. The proposed funds will invest in projects across Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, National Capital Region (NCR) and Ahmedabad.