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Piramal Enterprises has formed a strategic alliance with Canada Pension Plan Investment Board (CPPIB) to set up a $500 million real estate finance company in India.
Khaitan & Co advised Piramal with a team led by Partner Siddharth Shah along with assistance from Partner Bijal Ajinkya on the tax aspects of the transaction.
AZB & Partners advised CPPIB with a team led by Mumbai Partner Ashwin Ramanathan along with Divya Mundra.
CPPIB and Piramal will initially put $250 million each in the debt fund, which will be managed by Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, reports Mint. The partnership will focus on providing project-level debt to local developers for residential developments in Mumbai, Delhi NCR, Bangalore, Pune and Chennai, according to the press release.
Last year, CPPIB had invested $200 million in a real estate joint venture with India’s Shapoorji Pallonji Group.