Piramal Realty puts off plans to float PE fund for commercial real estate

It had planned to acquire brownfield and greenfield commercial properties and later sell them to other private equity funds

Piramal Realty, the real estate development arm of Ajay Piramal-led Piramal group, has put off plans to float a private equity (PE) fund for commercial real estate due to volatile market conditions, said a source.

Piramal Realty had planned to buy brownfield (ready) and greenfield (new) commercial properties and sell them to other private equity funds later.  “The property markets are volatile and like other big investors, Piramal group is also cautious about investing in real estate,” the source said.  The fund was a brainchild of Anand Piramal, founder of Piramal Realty and executive director of the group.

 This is the second