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Altico Capital invests $90 mn in Renaissance group’s warehousing project
Non-banking finance company Altico Capital has provided $90 million (Rs 650 crore) in debt finance to Mumbai-based warehouse and industrial park Renaissance Industrial Smart City, a statement from the real estate-focussed firm said.
The Renaissance group, promoted by Mayur Suchak, is developing the project, which has a development potential of 20 million square feet of warehousing and industrial space, the statement added. Over 3 million square feet of the warehousing space in the project has already been committed to tenants.
The transaction also included a Rs 50-crore co-investment from investment firm and Altico’s founding shareholder Fiera Capital, earlier known as Clearwater Capital, the statement said.
In August, Fiera Capital had completed the acquisition of Hong Kong-based Clearwater Capital.
The other shareholders in real estate-focused Altico Capital include Abu Dhabi Investment Council and Varde Partners.
Altico said the funding is in line with its strategy to diversify beyond residential and commercial real estate into other allied sectors such as hospitality, healthcare, education and core infrastructure.
As on 30 September 2018, Altico’s loan book stood at Rs 7,265 crore.
Last month, Altico had appointed former HSBC India head Naina Lal Kidwai as the chairman of its board.
The company lends to mid-income residential projects and the commercial real estate sector in Tier-1 cities including Mumbai, Delhi NCR, Chennai, Bengaluru, Pune and Hyderabad. It also provides structured finance solutions to infrastructure and other adjacent sectors.
Earlier this year, VCCircle reported that Canada's Brookfield Asset Management Inc. was looking to acquire a stake in Altico Capital.
The Mumbai-based firm was originally established as Clearwater Capital Partners India and was renamed as Altico Capital in 2015.