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SARE Homes raises Rs 435 cr from Altico Capital, KKR
FDI-funded realty firm SARE Homes has raised Rs 435 crore from Altico Capital and KKR to repay existing debt and meet construction cost of its township project in Gurgaon.
SARE Homes, having operations in India since 2006, is promoted by London-based Duet group, a global asset and real estate management firm.
In December last year, SARE Homes had raised Rs 200 crore from global investment firm KKR for the development of its township in Gurgaon.
"We have raised Rs 315 crore from Altico Capital and Rs 120 crore additional funds from KKR. Out of Rs 315 crore raised from Altico Capital, we will repay about Rs 280 crore debt of GIC and Bank of India. The remaining amount will be used for construction," SARE Homes MD Vineet Relia said.
The additional fund raised from KKR would be used in construction finance for the company's 66-acre township project in Gurgaon, he added.
"Driven by affordable pricing and connectivity to the main Gurgaon sectors, the New Gurgaon region is witnessing consistent demand. Our association with two leading lenders in the real estate domain will benefit all stakeholders including customers. Accordingly, we look forward to delivering the remaining phases of the project as per the desired quality parameters in a time-bound manner," he said.
Apart from Gurgaon, SARE Homes has presence in Chennai, Ghaziabad, Amritsar, Indore and New Mumbai. The Group has delivered 4 million sq ft since 2006 and is currently executing more than 9 million sq ft across five projects.
Its assets in India are valued at Rs 4,100 crore. The company's equity is held by global institutional investors such as Forum Partners and Goldman Sachs Principal Strategy Asia Ltd.