ICICI Prudential real estate fund invests ₹210 crore in Raymond Realty subsidiary for MMR redevelopment

ICICI Prudential Real Estate Development Fund is investing ₹210 crore in Ten X Realty West, a wholly owned subsidiary of Raymond Realty. The capital will support the redevelopment of a project in the Mumbai Metropolitan Region as part of Raymond Realty's asset-light expansion strategy.

ICICI Prudential Real Estate Development Fund, a Category II alternative investment fund managed by ICICI Prudential Asset Management Company, has agreed to invest ₹210 crore in Ten X Realty West, a wholly owned subsidiary of Raymond Realty, according to a regulatory filing.

The funds will be used to facilitate the redevelopment of one of its projects in the Mumbai Metropolitan Region (MMR). Harmohan Sahni, managing director and CEO, said the investment will support the company’s asset-light expansion strategy in MMR and help accelerate redevelopment projects.

Raymond Realty currently has a total portfolio with an estimated gross development value of approximately ₹52,000 crore across MMR. Its joint development agreement portfolio comprises eight projects with a combined revenue potential of around ₹27,000 crore, representing about 52 per cent of the company’s overall GDV, according to the company.