India: Altico Capital invests $196m across five realty deals in Hyderabad, Pune

December 21, 2017

Non-banking financing company Altico Capital has invested Rs 1,250 crore ($195.7 million) across five realty deals in Hyderabad and Pune, according to a company statement.

The investments include Rs 500 crore in a couple of deals in Hyderabad-based Phoenix group for construction and development of IT SEZ projects, Rs 375 crore in Marvel group, Pune for a bouquet of projects, Rs 240 crore inPharande group for a township project and Rs 130 crore in a Mumbai-based leading realty group for a residential project.

“Phoenix is an existing partner of Altico Capital. With this transaction, the cumulative amount sanctioned by Altico to the Phoenix group has moved to Rs 725 crore,” said Sanjay Grewal, CEO, Altico Capital.

Phoenix group, based in Hyderabad, is a leading developer of commercial projects; Marvel group, a prominent and diversified developer based out of Pune has delivered close to 24 million square feet since 2001; and Pharande Spaces is one of the leading real estate and construction companies in Pimpri-Chinchwad and Pune.

Mumbai-based investment banking firm Elysium Capital was the sole adviser for the transaction.

“These deployments reflect Altico’s continued focus on segments such as affordable and mid-income housing which make up more than 50 per cent of our current portfolio. It further demonstrates our intent to build on our existing strategy of funding developers engaged in completion of their under-construction projects and increasingly focus on commercial / office RE funding opportunities which currently stands at 15 per cent of the portfolio,” said Grewal.

Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners Llc, has deployed more than Rs 8,500 crore across 100 projects covering more than 100 million sq ft area in seven cities.

It is engaged in real estate asset-backed lending in the top tier cities in India including Mumbai, Delhi, Chennai, Bangalore and Pune.

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