The company has invested Rs. 245 cr towards first phase of a commercial project Vatika One On One, GURGAON
Gurugram, 14th February 2020: Leading realty firm, Vatika Group, has received an investment of Rs. 245 Cr from Goldman Sachs, leading global investment banking and investment management firm, for the 3rd time. This investment will expedite the construction of first phase of a commercial project located on NH-8. The project will be developed in 3 phases comprising 2.2 million sq ft.
The prestigious commercial project is strategically located on National Highway-8 and enjoys excellent connectivity and infrastructure. The project will shape as one of the most strategic investments.
The investment is a debt instrument structured as a project finance facilitating a partial refinance to Piramal Enterprises and the balance towards construction.
In the past Goldman Sachs has invested Rs 100 cr in 2007 towards Vatika Business Park and Rs 255 cr in 2014 in Vatika Hotels.
Gaurav Bhalla, Managing Director, Vatika Group, said,“We at Vatika Group envision fulfilling the rising demand of the grade A commercial spaces in Delhi NCR. Such debt instruments being extended by mature funds such as Goldman Sachs is the need of the hour ensuring completion of assets while allowing for partial refinance. The investment by Goldman will surely accelerate in delivering the project on time.”
In a separate transaction, Goldman Sachs has extended a debt facility to Vatika Hotels to the tune of Rs. 365 crores facilitating a pre-payment to Piramal Enterprises on the same asset.
Vatika Group has delivered 42.3 mn sq ft, and has a wide range of commercial projects spread across prime locations in Delhi NCR including MG Road, Golf Course Road, Golf Course Extension Road, Sohna Road, NH-8 and Mathura Road.