UK-based real estate consultant Savills has been appointed by fund manager IndiaREIT to raise a further $150 million of private equity for an opportunity fund focused on Indian property.

The fund, called IndiaREIT Offshore Fund II, had already raised $150 million in an earlier closing in Sept 2008, with UK's 3i Investments acting as the cornerstone investor, Savills Capital Advisors said in a statement.

The fund plans to invest in and around first-tier Indian cities where there is established occupier demand, Savills said, adding that the sponsors plan to go on investor roadshows in Europe, the Middle East and Asia.

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