Economic Times

Altico Capital invests Rs 200 cr in Bengaluru-based Legacy Group

August 18, 2016

Altico Capital, the non-banking finance company backed by Clearwater Capital Partners, has invested Rs. 200 crore in Bengaluru-based real estate developer Legacy Group. The investment has been made under a multi-project financing agreement.

Legacy Group’s portfolio includes several projects spread across Central and North Bengaluru, which are at various stages of execution.

"The product offering, mix of late stage and under-construction projects located at prominent and well established micro locations in Bengaluru, apart from Legacy’s premium quality and demonstrated timely execution track record were key reasons for Altico's investment with the Group," said Sanjay Grewal, CEO, Altico Capital.

The funding, which would be made in tranches, is proposed to be used by the developer towards refinancing existing lenders and for construction funding across projects. The Group has delivered over a million square feet with another 4-5 million sq ft under various stages of execution.

Altico has in the past concluded similar deals against project portfolios, including transactions with Century and Unishire group from the city, over the last 12 months.

The Bengaluru market has seen a string of investments from private equity players as well as non-banking finance companies recently, including Piramal Capital, KKR, Apollo and Kotak Realty, in both residential as well as commercial projects.

“Despite a slowdown in sales as well as regulatory hurdles in the recent past, we remain bullish on the market due to continued growth in commercial absorption coupled with good demand for mid-income products which are competitively priced, all of which indicate continued robustness of this market. We are evaluating multiple opportunities across the residential and commercial office sector and plan to deploy another Rs. 750 - 1,000 crore in the city in this financial year,” said Sanjay Grewal.

Altico Capital India is an NBFC backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council.

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