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Motilal Oswal Group has provided Rs 450 crore to Shapoorji Pallonji Real Estate (SPRE) to fund two Shapoorji Pallonji Real Estate projects.
Motilal Oswal Alternates, the Motilal Oswal Group’s investment arm, has committed Rs 450 crore to Shapoorji Pallonji Real Estate. The funds were allocated to complete two projects.
One of the projects is a partially finished, leased, and operational commercial building in Manesar. The other project is a residential township that will be completed in 2021 and has received a positive sales response.
“The investment, which was made through structured debt instruments, will be used for project working capital, debt repayment, and financial closure,” Motilal Oswal said in a statement.
Shapoorji Pallonji Real Estate CEO Venkatesh Gopalakrishnan stated that the additional funding will strengthen the company’s growth story even more by adding significant value to its project pipeline.
Sharad Mittal, CEO of Motilal Oswal Alternates’ Real Estate Funds, stated, “Through our platform, we recently completed a transaction with Shapoorji Pallonji Real Estate. This is our first venture with SPRE. The investment is consistent with our strategy of collaborating with established and credible developers on mid-income housing projects “.
Motilal Oswal Alternates currently manages five real estate funds as well as a number of standalone NCD investments. It currently has more than Rs 6,000 crore in real estate assets under management. More than 100 real estate investments have been made across more than 135 projects and secured 50 complete exits.
SPRE has made inroads into most Indian cities, including Mumbai, Pune, Bangalore, Gurugram, and Kolkata, with a variety of developments ranging from luxury apartments and residences to aspirational homes for mid-income homebuyers, as well as one of India’s largest mass housing projects.
Source-ET
