BENGALURU: Motilal Oswal (MO) Alternates Funding Advisors, the choice investments arm of economic establishment Motilal Oswal Group, on Monday mentioned it has invested ₹450 crore with Shapoorji Pallonji Actual Property.
The capital dedication is for the Mumbai-based developer’s two actual property initiatives – a industrial and residential township. The industrial undertaking close to Manesar in Gurugram, referred to as SP Infocity, is {a partially} accomplished, leased and operational undertaking, whereas the residential township undertaking in Bavdhan in Pune, referred to as SP Vanaha, was launched in 2021.
That is MO Alternates’ first funding in Mumbai-based Shapoorji Pallonji Actual Property and will likely be used as working capital for the undertaking, for repaying debt and reaching monetary closure, the corporate mentioned in a press release. It has been executed via structured debt devices.
“This marks our first funding with SP Actual Property – one of many main builders in India. The funding is consistent with our technique to accomplice with established and credible builders for his or her mid earnings housing initiatives. We hope that this funding varieties the inspiration of a long-standing partnership with Shapoorji Pallonji Actual Property,” mentioned Sharad Mittal, chief govt of Actual Property Funds, MO Alternates.
Final month, MO Alternates had dedicated ₹260 crore (round $31.4 million) in actual property developer Urbanrise – Alliance Group for the event of its three upcoming housing initiatives in Bengaluru and Hyderabad.
MO Alternates, at present managing 5 actual property funds, has over ₹6000 crore in belongings below administration in actual property. Prior to now, it has partnered with Casagrand Builders, M3M/ Smartworld Group, Kolte Patil Builders, Shriram Properties, Phoenix Group, Ashwin Sheth Group, Marathon Group amongst others.
“We respect the funding made by Motilal Oswal Alternates in our initiatives. This exemplifies the corporate’s sturdy belief in our model. The extra funding will strengthen our development story much more by including important worth to our undertaking pipeline,” mentioned Venkatesh Gopalakrishnan, chief govt, Shapoorji Pallonji Actual Property.
Shapoorji Pallonji Actual Property is part of the 155 year-old Shapoorji Pallonji Group, a multi-business Indian conglomerate. It develops initiatives starting from luxurious residences and houses to aspirational houses for mid-income homebuyers in addition to mass housing residencies in cities together with Mumbai, Pune, Bengaluru Gurugram, and Kolkata, with a growth potential of over 113 million sq. toes.
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Supply: Live Mint