IL & FS Milestone Fund-1 Targets Corpus Of Rs. 1000 Crore

IL & FS Milestone Fund-1 targets corpus of Rs. 1000 crore

Subscription during 10 September-30 October 2007

IL & FS Investment Managers and Milestone Capital Advisors launched IL & FS Milestone Fund-I on 10 September 2007, which is a yield driven real estate investment fund registered by SEBI. For the first time in India, the Fund offers an innovative structure similar to Real Estate Investment Trusts (REIT), which is the most popular investment route for corporates and individuals to invest in real estate.

IL & FS Milestone Fund -I is a close ended scheme with a term of four years, with an option to extend the term by a year and if required by one more year. The Fund is targeting a corpus of Rs. 1000 crore, including a green shoe option of Rs. 500 crore. The Fund will be open for subscription during 10 September 2007-30 October 2007.

This fund IL & FS will offer a quarterly yield distribution to investors and property appreciation benefits in the long term. The fund is targeting an annual yield of 11% (pre-tax) and an IRR of 18-20% (pre-tax) with property appreciation. The units are freely transferable, subject to approval of Trustees.

The Board of Directors include Shahzaad Dalal- Vice Chairman and Managing Director IL & FS Investment Managers, Milind Patel-Executive Director IL & FS Financial Services, Noel Tata- MD and CEO Trent India, Ved Prakash Arya- Managing Director Milestone Capital Advisors and Raj Narain Bharadwaj- Former Managing Director and Chairman.