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Walton Street BlackSoil Real Estate Debt Fund II (WSBREDF-II) on Wednesday announced an investment of ₹65 crore in Krishnaiah Projects Pvt Ltd (part of the Bollineni group) towards its housing project in Chennai.
Project Zion, being developed by Krishnaiah Projects, is a part of the last phase of an established township comprising 1,800 families. The project caters to the mid-income housing segment.
Mid income segment
“The mid-income housing segment has shown great promise. In the last one year, the segment has gained prominence and has led the share of new launches. We are delighted with the opportunity to partner with such a marquee developer. We shall continue to invest WSBREDF-II commitments with developers of similar pedigree,” said Vimal Jangla, Managing Partner at Walton Street India Real Estate Advisors, in a press release.
Property investment
The WSBREDF-II, launched by alternative credit platform BlackSoil and US-based property investment firm Walton Street Capital, has a target corpus of ₹500 crore. The current investment comes after the debt fund’s first closure with an investment commitment of ₹360 crore.
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“We are delighted to have partnered with WSBREDF-II on Project Zion in Chennai. We have an existing relationship with Walton Street India and BlackSoil across multiple projects and the current financing would only strengthen our ties,” TV Manjunath, CEO, Krishnaiah Projects Private Limited, was quoted in the statement.
Apart from this, WSBREDF-II fund will target 6-8 more investments in Tier 1 cities like Hyderabad, Bangalore, Chennai, Pune, Mumbai and National Capital Region (NCR).
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