| JP Morgan's India realty fund raises $360 mn |
| Our Markets Bureau / Mumbai August 21, 2006 |
| JP Morgan Asset Management has raised $ 360 million through its India Property Fund with capital commitments from institutional and high net worth investors from the USA, Asia, Europe and the Middle East. The fund, one of the first of its kind to focus on the India real estate marketplace since foreign investment restrictions were eased, extends the JPMorgan Asset Management to real estate platform of products to the emerging markets space, complementing its existing suite of core, core-plus and value-added property funds. This fund, with a target net internal rate of return of 20%, focuses on the development of new properties in a broad range of real estate assets diversified across the office, residential, industrial/warehouse, retail and hospitality sectors. Through joint ventures with local developers, JPMorgan Asset Management will target India |
