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Altico Capital invests Rs 130 crore in two projects
City-based NBFC Altico Capital has invested Rs 130 crore in two residential projects in the megapolis and the NCR.
"Altico, with a focus on senior secured lending to residential projects in the real estate sector across Tier-1 cities in the country, closed two deals aggregating Rs 130 crore in NCR and Mumbai," the company said in a statement.
The NBFC has closed a Rs 50 crore transaction with Noida-based Lotus Greens group for a residential project named 'Arena I', which is part of a larger Sports City development in the city.
In the second deal, the company invested Rs 80 crore in Mumbai-based Shree Sai group for a residential project named 'The Nest' in Andheri West. "The funding proceeds for the NCR project shall be utilised for construction of the project, while Shree Sai will use the funds for refinancing the existing lender and for finishing the construction of the project," the release said.
The company, had in the recent past, funded the Lotus Green group for a 300-acre Sports City project in Noida, wherein it invested Rs 450 crore along with a co-lender. "We believe it will take some time for sales to pick up in NCR and therefore will be very deliberate in putting capital to work in this market. We will look at last mile financing for projects in advanced stages of construction and sales," company's Chief Executive, Sanjay Grewal said.
He further said the company will also evaluate and fund projects wherein corporate houses such as Godrej have tied up, under joint development arrangements, with existing land owners and developers to market and construct projects under their corporate brands. Altico Capital is backed by financial sponsors including Clearwater Capital Partners, Abu Dhabi Investment Council and Varde Partners.