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Piramal Fund may invest in Shriram’s luxury residential project

If sources are to be believed, Piramal Fund Management is planning to take over half equity interest in Shriram properties’ proposed residential project in Chennai worth Rs 150 crore. The domestic institutional real estate fund house is already in talks with the city based real estate firm.

A year ago Shriram Properties grabbed economic interest for a 6.5 acre plot in Vadapalani, in a huge complex where AVM film studio is also situated. The city based land designer has served a huge client base in major parts of India and gathered a lot of appreciation around the corner which can be seen in the Shriram Properties Reviews.

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Shriram Properties will develop a 70,000 square feet of luxury residences on its own. The land developer will craft a residential project with AVM Balasubramanian’ cooperation, who is AV Meiyappan’s son. A V Meiyappan is a remarkable film producer.

The talks between Shriram Group’s real estate arm and Piramal Fund Management have reached an advance stage, sources cited earlier said. If the deal does fructify then Shriram Properties will be adding another pedigree name to the list of funds that have invested in the developer either at the project level or at the entity level.

In July last calendar, Tata Capital invested $80 million (Rs 470 crore) for about 15% stake and a board seat in Bangalore-headquartered Shriram Properties.

Global investors TPG, Starwood Capital and Walton Street Capital also hold minority stake in the southern developer, who is eyeing a possible public listing in the next 18 to 20 months.

Piramal Fund Management, which is an integrated real estate private equity and NBFC entity of the Piramal Group, has been actively investing in the country’s top southern metros.