Prudential ICICI launches Real Estate Securities Fund

Prudential ICICI has launched a new fund called Real Estate Securities Fund. This is pretty unique scheme where the the primary objective of the scheme is to generate income through investments in debt securities maturing in line with the maturity of the Scheme of companies that are in, associated with, or benefiting directly or indirectly from, the real estate sector, and the secondary objective is to generate long-term capital appreciation through investments in equity or equity-related securities of such companies.

This is not the same as the real estate mutual funds that i covered in my blog sometime earlier.

Please read the following blogs to get details about what Real Estate Mutual Fund is and its advantages

1. Investing in Real Estate Part - I

2. Investing in Real Estate Part - I


Scheme Details
Issue Opens: November 15, 2007
Issue Closes: December 14, 2007
Options : The Retail will have only the growth option
Fund Category: Closed-end, Debt Scheme
Minimum Investment: Rs 5000 for retail
Entry Load: Nil

Exit Load: Redemptions made on Maturity do not attract any exit load. However, redemptions made during the repurchase facility period will attract, for the present, an exit load of 3% of the amount sought to be redeemed under the Scheme

Cost: Initial issue expenses, not exceeding 6 per cent of the corpus collected, would be amortized over the three-year close-ended tenure of the scheme
Liquidity: To provide liquidity to the investors, the Scheme proposes to provide repurchase facility at quarterly intervals on every 15th day from the end of each calendar quarter. If such date happens to be a non-business day, repurchase facility would be available on Business Day following the said date.