Altico Capital inks multi-project financing deal with Bengaluru developer

July 11, 2016

Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners LLC, will invest Rs.200 crore in Bengaluru-based realty firm Legacy Global Projects Pvt Ltd in a multi-project financing arrangement.

The deal involves funding multiple projects in Legacy Global’s portfolio in central and south Bengaluru, that are in different stages of construction. The money will be used to fund construction of these projects, as well as to refinance the developer’s existing loans.

“This is yet another transaction where we have provided financing to a developer for multiple projects in his portfolio,” said Altico Capital’s chief executive Sanjay Grewal.

The projects are at various stages of execution, including a few that are at an advanced stage and nearing completion, providing multiple and diversified sources of cash flows for debt servicing for the investor.

Bengaluru: Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners LLC, will invest Rs.200 crore in Bengaluru-based realty firm Legacy Global Projects Pvt Ltd in a multi-project financing arrangement.

The deal involves funding multiple projects in Legacy Global’s portfolio in central and south Bengaluru, that are in different stages of construction. The money will be used to fund construction of these projects, as well as to refinance the developer’s existing loans.

“This is yet another transaction where we have provided financing to a developer for multiple projects in his portfolio,” said Altico Capital’s chief executive Sanjay Grewal.

The projects are at various stages of execution, including a few that are at an advanced stage and nearing completion, providing multiple and diversified sources of cash flows for debt servicing for the investor.

Earlier this year, Altico entered into a multi-project financing arrangement with Marvel Developers in Pune and financed Bengaluru-based Unishire Urbanscape Pvt. Ltd, against a portfolio of five projects. In 2015, Piramal Fund Management Pvt. Ltd and Altico Capital co-invested about Rs.720 crore across multiple projects of realty firm Century Real Estate Holdings Pvt. Ltd in Bengaluru, in one of the largest structured debt transactions.

Legacy Global has almost 4-5 million sq ft of residential projects in Bengaluru, that are in various stages of construction.

The realty firm’s managing director Sanjay Shenoy didn’t respond to calls and text messages.

With this transaction, Altico Capital has done debt financing to the tune of around Rs.2,000 crore in the last 12-14 months.

The NBFC, which is also backed by Varde Partners, Inc. and Abu Dhabi Investment Council, intends to deploy around Rs.30,00 crore in the current financial year depending on the right opportunities, Grewal said.

“We are evaluating multiple opportunities across residential and commercial office sector and plan to deploy another Rs.750-1,000 crore in Bangalore during this financial year,” he said.

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