BY
Swet Sarika, VCCircle
Piramal’s
realty investment unit plans to invest as much as $1 billion towards real
estate this fiscal.
Piramal
Fund Management, the real estate investment arm of Piramal Group, has invested
in a residential project by north-based developer Lotus Greens, two people
familiar with the development told VCCircle. The investment has been made in
the form of structured debt.
VCCircle
could not immediately ascertain the size of the investment but it could be in
the same range as its other recent deals.
Piramal
recently sealed a deal with Satya Group for a Gurgaon project, where it
invested Rs 100 crore. In the first deal from its separate alliance with Canada
Pension Plan Investment Board (CPPIB), it invested Rs 110 crore in a luxury
residential project of Advance India Projects Ltd in Gurgaon.
The
latest investment has been made in a project called Lotus Greens Arena located
at sector 79, Noida. This luxury residential project is spread across 10 acres
and offers 3 & 4 BHK apartments ranging from 1,495 sq. ft. to 2,395 sq. ft.
The project forms a part of developer’s township Sports City.
“The
deal was closed recently,” said a source quoted above.
Emails
written to Khushru Jijina, managing director, Piramal Fund Management and P
Sahel, vice chairman, Lotus Greens, did not elicit any response till the time
of filing this story.
Lotus
Greens is present across residential, commercial, hospitality, education and
healthcare verticals. Founded by Nirmal Singh and led by its vice chairman P
Sahel, the company has ongoing projects in Noida and Gurgaon.
As
for Piramal, it plans to invest as much as $1 billion towards real estate this
fiscal. In the last four months, it has invested Rs 2,000 crore on behalf of
proprietary debt book and funds business. In a recent interaction with
VCCircle, JIjina said he will be approving between Rs 600-800 crore of
transactions every month through the rest of the year.
Posts
