UK-based real estate fund Trinity Plc is planning to raise fresh funds. India-focused real estate fund Trikona Capital is the asset management company of Trinity promoted by two US-based entrepreneurs Rakshid Chugh and Aashish Kalra. This brings Trinity’s total fundraising to $1 bn this year. Trinity earlier had raised about $500 mn at London Stock Exchange’s AIM market last year. In addition to a secondary listing at the AIM market, it will also raise another private equity fund.
The secondary listing at the AIM market is expected to garner nearly $500 mn and the remaining will be raised through a PE fund. Trikona has declined to confirm the break-up of how the funds would be raised. The additional funding will be ploughed into the real estate sector.
Trikona is already in talks with several foreign investors to raise this additional funding. It has till now deployed funds worth $250 mn in the real estate sector and has committed funds worth $1 bn. Trikona has recently made investments in IL&FS Transportation Networks. It has also invested $20 mn to pick a 16% stake in a project owned by Kapstone Constructions. In October last year, Trikona entered into a JV with real estate developer Lokhandwala Builders for a residential project in Mumbai at an estimated cost of $103.4 mn. The fund picked a 49% stake in the venture for $21.5 mn.
Read The Economic Times article.
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