Altico Capital invests Rs100 crore in south Mumbai residential project
The project backed by Altico Capital is being jointly developed by Rajesh Lifespaces and Suvidha group, and comprises of three and four bedroom apartments with a total saleable area of around 100,000 sq.ft
Mumbai: Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners Llc, on Friday said it has invested around Rs100 crore in a residential project of Mumbai-based Rajesh Lifespaces.
The company, in a statement, said the money will go to a residential project located at Churchgate in south Mumbai. The project is being jointly developed by Rajesh Lifespaces and another local builder, Suvidha group, and comprises of three and four bedroom apartments with a total saleable area of around 100,000 sq.ft.
“This is a unique opportunity to participate in a South Mumbai residential project, located at a prime location within the central business district (CBD) region of the largest cosmopolitan city of India with an established and a credible partner,” Sanjay Grewal, chief executive officer, Altico Capital, said.
Grewal said that the transaction reiterates the company’s focus on the Mumbai residential market. Last week, Altico announced an investment of close to Rs500 crore with Nirmal Developers. It has also invested Rs450 crore with Radius Group, another Mumbai-based real estate firm, in the past.
Altico, which is backed by Varde Partners Inc. and Abu Dhabi Investment Council, plans to deploy around Rs3,000-4,000 crore in residential and commercial projects on an annual basis.
Earlier this month, Altico Capital invested Rs300 crore in a residential township in Pune being developed by Pune-based Kumar Urban Development Pvt. Ltd. The developer will use the money to refinance existing loans, allow current investors to exit the project and finance construction.
It also entered into a multi-project financing arrangement with Marvel Developers with an investment of Rs240 crore, and invested Rs180 crore in the Pharande Group to part-refinance an existing loan and fund construction.