Hallmark Infra in talks to raise $20 million for residential project

Chennai-based realty firm Hallmark Infrastructure is looking to raise $20 million in private equity funding for its 40 acre residential development of villas and row houses, a top company executive, told VCCircle. Anand Jain, managing director of the company said the firm is in talks with Paracor Capital Advisors for raising funds for the project which is located adjacent to Mahindra World City (MWC) in Chennai. Hallmark plans to raise the capital within the next few months. At present, Hallmark has a developed asset bank of nearly 1 million sq ft and it is adding another 4-5 million sq ft. Most of the company's projects are at Maraimalai Nagar, which is located near MWC. Its upcoming projects include an IT SEZ, a warehouse, a shopping mall, a residential township, villas and service apartments. If the proposed PE deal materialises, it would mark third successive private equity fundraising in quick succession for Hallmark which has just inked twin deals with real estate PE fund Paracor raise Rs 50 crore each for two separate residential projects in Chennai -- Golden County and Emerald. Emerald is a 0.8 million sq ft development whereas Golden County is a 2 million sq ft development which already has ready property under its belt. Knight Frank India was the sole advisor for Hallmark Infrastructure in the twin deals. source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=19904&cat_id=1