Indiareit funds invest $32 mn in Mumbai-based Neptune Developers

Indiareit Offshore Fund and Indiareit Fund Scheme I, real estate private equity funds with a joint corpus of $300 mn, made investment of approximately $32 mn in a project involving development of commercial properties in Kurla, Mumbai by Neptune Developers Private Limited. Neptune, one of the renowned real estate developers in Mumbai, is engaged in the business of real estate construction and development in India. Nishith Desai Associates acted as legal counsel to Indiareit Offshore Fund and Indiareit Fund Scheme I for this investment.