Bengaluru: Century Real Estate Holdings is in talks with Piramal Ivanhoe Residential Equity Fund to raise funds for an upcoming residential project in a deal valued at ₹250 crore.

The Bengaluru-headquartered developer plans to build a high-end residential project on a 10-acre land parcel it owns in the central business district in the city. “The deal is likely to be a structured transaction where the fund will pick up equity at the project level. The funding is expected to conclude by April,” a person with direct knowledge of the deal said on the condition of anonymity. Ravindra Pai, managing director, Century Real Estate Holdings refused to comment on the deal while Khushru Jijina, managing director, Piramal Capital & Housing Finance could not be reached. Piramal Capital & Housing Finance has a co-investment fund with Ivanhoe Cambridge, a real estate subsidiary of Canada’s Caisse de Depot et Placement du Quebec (CDPQ), to provide long-term equity to builders across five metros. Ivanhoe Cambridge has already committed $250 million to the fund. The Century transaction will be the second for the joint fund.

In February this year, Piramal and Ivanhoe announced an equity investment of ₹500 crore, from the Piramal Ivanhoe Residential Equity Fund, in Palava, a smart city being developed by the Lodha Group in the Mumbai metropolitan region.

If the deal goes through, this will be second round of funding for the Bengaluruheadquartered fund from Piramal Enterprises. In 2015, Piramal and Clearwater Capital had invested ₹725 crore as structured debt in a portfolio of projects being developed by the builder.

[“source=economictimes.indiatimes.”]