homepersonal finance NewsKotak MF: The first fund house to file offer document for International REIT Fund

Kotak MF: The first fund house to file offer document for International REIT Fund

The open-ended fund of fund scheme will invest 95 percent of assets in units of SMAM ASIA REIT Sub Trust fund and /or other similar overseas funds, while the balance will be allocated to debt, money market instruments, or units of liquid schemes, the offer document stated.

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By Moneycontrol News Feb 19, 2019 2:42:47 PM IST (Updated)

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Kotak MF: The first fund house to file offer document for International REIT Fund
Kotak Mutual Fund has sought the Securities and Exchange Board of India’s approval to launch Kotak International REIT Fund, according to a draft offer document on the SEBI website.

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If it gets SEBI approval, this will be the first REIT fund to be available to Indian investors.
The open-ended fund of fund scheme will invest 95 percent of assets in units of SMAM ASIA REIT Sub Trust fund and /or other similar overseas funds, while the balance will be allocated to debt, money market instruments, or units of liquid schemes, the offer document stated.
The underlying fund is an open-ended series trust of SMAM Global Investment Trust, based in the Cayman Islands.
The scheme will be benchmarked against FTSE EPRA Nareit Asia Pacific Index, which is designed to track the performance of listed real estate companies and REITS in both developed and emerging markets. The index value would be converted into Indian rupees, using RBI reference rate, the document said.
Other features:
  • Plans: Direct and regular
  • Options: Growth and dividend
  • Minimum application: Rs 5,000 and in multiples one rupee thereafter
  • Exit load: 1 percent if redeemed within one year from the date of allotment of units.
  • --Nil if redeemed after one year from the date of allotment.
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