Real estate investment firm Mt K Kapital said Monday it has raised Rs 350 crore ($43 million) under a new fund and has already committed around half of the corpus across a clutch of projects in the Mumbai region.
Mt K Resi Development Fund is structured as a Category-II SEBI Alternative Investment Fund and attracted money from anchor investors like SBI besides family offices behind corporate names like Famy Care, Rustomjee and others.
The fund aims to invest in 8-10 projects in Mumbai Metropolitan Region, with a focus on redevelopment with the Rustomjee Group as the development partner. It is co-led by Binitha Dalal and Abdeali Tambawala.
Dalal has been head of fundraising for Rustomjee Group for over a decade. Tambawala has previously worked in IIFL AMC’s real estate fund vertical. In his last assignment he was part of Welspun One’s fund management unit. The duo floated Mt K Kapital in March last year.
The fund has committed money across three redevelopment projects, including two in Bandra and one in Andheri with sale areas ranging from 0.5 to 1 lakh sq ft each.
“Through this fund, we continue to leverage our development expertise in the MMR while partnering towards maximising value to the investors. This is a new pool of capital that works on the principles of win-win for all stakeholders and partners. In times to come, the platform will grow and create a new pool of capital for the sector,” Boman Irani, Chairman and Managing Director of Rustomjee Group, said.
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