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Altico Capital invests Rs. 1,250 cr in realty projects
PUNE (HYDERABAD): Altico Capital, the non-banking finance company, promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners recently deployed Rs 1,250 crore across five deals in Hyderabad and Pune.
Altico invested Rs 500 crore across two deals with Hyderabad-based Phoenix group for construction and development of IT SEZ projects, Rs 375 crore with Marvel group in Pune for a bouquet of projects, Rs 240 cr with Pharande group for development of township project and Rs 130 crore with Mumbai-based Jatia group for their residential project.
Phoenix group, based in Hyderabad, is a developer of commercial projects, having successfully delivered more than 7 mn sq. ft. and currently executing projects around 19 million sq. ft. Altico-funded project is located in the prime commercial area of Hitec City having presence of global IT and e-commerce giants like Google, Facebook, Amazon, etc.
Additionally, Altico funded the construction of another IT-SEZ in Hafeezpet which is pre-leased to a global professional services firm. The Phoenix group has continuously demonstrated expertise in leasing commercial spaces to companies like Amazon, IBM, Cognizant, HCL Technologies, Capgemini, etc. as well as selling pre-leased spaces to institutional investors.
"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," mentioned Sanjay Grewal, CEO, Altico Capital.