ICICI Pru AMC plans $400-mn platform for realty investment
MUMBAI: ICICI Prudential Asset Management Co (AMC) Ltd, the asset management joint venture of ICICI Bank Ltd and UK’s Prudential Plc, is looking to set up a real estate investment platform with a corpus of almost $400 million, said two people aware of the development.
The AMC already has assets under management (AUM) in the mutual fund segment. It also caters to portfolio management services for investors, along with advisory mandates for clients in asset classes such as debt, equity and real estate.
“ICICI Prudential AMC is setting up a real estate platform in partnership with overseas real estate-focused asset management companies. They are in talks with at least a couple of overseas asset managers and the talks are expected to be concluded soon,” said one of the two people cited above requesting anonymity, as talks are private.
The platform will see the AMC and its foreign partners invest close to $400 million.
According to the second person cited above, the platform will invest equity and debt instruments in residential projects. He too requested anonymity.
A spokesperson for ICICI Prudential AMC declined to comment on the development.
This will be the largest real estate fund raised by ICICI Prudential AMC till date, which manages more than ₹3,700 crore in its real estate business.
According to the asset manager’s website, it has so far made over 55 real estate investments, of which it has sold 20, returning over ₹3,000 crore to investors.
On the residential side, the AMC has raised five funds with a collective corpus of ₹3,160 crore, since starting its first fund in 2007, while on the commercial real estate side it has raised just one fund so far.
The real estate sector has seen several large platform deals being struck in the recent past.