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South Korea's Mirae plans US$100M fund for Indian residential projects

Mirae Asset Global Investments Co. Ltd. is gearing up for the launch of a US$100 million alternative investment fund that will invest in India's residential property sector, Mint (New Delhi) reported.

Puneet Bhatia, head of real estate for the South Korean fund's local arm, told the publication that the Securities and Exchange Board of India approved in May the license for the Mirae Asset Credit Opportunities fund. The fund will provide debt via nonconvertible debentures, with the entire capital coming from its parent.

Mirae Asset Credit is expected to be in operation within the next 18 months and will target housing projects in Mumbai, Bangalore, National Capital Region, Pune, Chennai and Hyderabad, according to the June 4 report.

Mirae Asset Global initially only targeted the country's commercial leased properties with investments of US$500 million, but shifted its plans due to rising opportunities in the housing sector, Bhatia said, according to the report, adding that the company will also look at acquiring office properties.