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Altico Capital has closed a deal to invest ₹180 crore in Pune-based Pharande group.
The investment will be made in tranches and is earmarked for two brown-field residential projects namely ‘L-Axis’ and ‘Woodsville-III’ located in and around the city’s Spine Road.
Both are under-construction projects, each with approximately 7 lakh sq. ft. free sale area and cater to the mid-income housing demand in the PCMC area, offering 2 BHK and 3 BHK configurations with amenities at unit prices starting from ₹50-60 lakh.
Refinancing The funds will be used by the developer for refinancing an existing lender and for construction of the projects, Altico said in a statement.
Sanjay Grewal, CEO of Altico Capital, said, “The locations of the respective projects, the product offering and current stage of development were key reasons for Altico’s interest in the projects. Pune is a key market for us; earlier in the quarter, we had completed a ₹240 crore transaction with the MarvelGroup.”
More investments In addition to the Pharande transaction, Altico plans to deploy ₹400-500 crore more in the next couple of months with developers focused on delivering mid-income and affordable residential projects, he added.
Altico Capital India Pvt. Ltd is a non-banking financial company backed by Clearwater Capital Partners,Varde Partners and Abu Dhabi Investment Council.
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