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SARE Homes raises $63.5 mn from Altico Capital, KKR
Realty developer SARE Homes has raised Rs 435 crore (around $63.5 million) from non-banking financial company (NBFC) Altico Capital and global investment firm KKR for a township project in National Capital Region (NCR), the Indian investment firm said in a statement.
Located in Sector 92 in New Gurgaon Region, the project is spread across 66 acres with a residential development potential of 6.5 million sq ft.
KKR, through its real estate-focused NBFC has put in Rs 120 crore for financing the development of the project while the rest has been invested by Altico Capital.
This marks the second investment of KKR in SARE Homes. It had put in Rs 200 crore across a bunch of projects of the developer in the form of debt.
“We are happy to extend our partnership with SARE Homes and look forward to continuing strong performance on the project, given the high quality developer, affordable unit configurations and attractive location,” said Sanjay Nayar, chief executive officer, KKR India:
Sanjay Grewal, chief executive officer, Altico Capital, said: “This is a unique opportunity to participate in a large ongoing township project in the New Gurgaon Region – considered the fastest-growing residential micro-market of Gurgaon – with an established and credible partner. The investment aims to underwrite a township development wherein the marketability has been established through sales of close to 4.5 million sq ft in the project to date.”
“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,” said Vineet Relia, managing director, SARE Homes.
Promoted by London-based global asset and real estate management firm Duet Group, SARE Homes has delivered 4 million sq ft since 2006 and is currently executing more than 9 million sq ft across five projects. It has ongoing and upcoming township projects in cities such as Gurgaon, Ghaziabad, Mumbai, Amritsar, Indore and Chennai.