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Altico Capital invests Rs 300 crore in Pune project
Altico Capital, sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, has invested Rs 300 crore in a residential project in Pune, which is being developed by Kumar Urban (KUL).
The investment was made for a residential township named ‘KUL Ecoloch’, located near Hinjewadi, Pune. The funding proceeds shall be utilised in refinancing the existing lenders and construction of the township, Altico said.
KUL Ecoloch is a mid-segment project, with offerings of 1BHK, 2BHK and 3BHK apartments, and total saleable area of more than three mm sq ft. Sanjay Grewal, chief executive officer of Altico Capital said, "The project location, specifications, sales and construction progress, promoter resourcefulness as well as significant track record of the KUL Group in the Pune market were the key drivers for Altico Capital’s investment in the project."
Altico has concluded several transactions in Pune, including the Rs 240-crore investment with Marvel Realtors for the construction of a portfolio of projects followed by a Rs 180-cr transaction with Pharande for their L-Axis and Woodsville project on Spine Road.
He further added the overall exposure to this key market should cross Rs 1,000 crore soon.
Altico Capital, plans to deploy 3,000-4,000 crs on an annual basis into the residential and commercial real estate sectors across Tier-1 cities in India.