Nisus Finance, Phoenix ARC invest Rs 95 Cr in a commercial project in Ahmedabad

Mumbai, August, 2023: Nisus Finance’s latest fund “REAL ESTATE SPECIAL OPPORTUNITIES FUND-1 (RESO-1)” managed by Nisus BCD Advisors LLP, has recently concluded its’ maiden transaction investing ~INR 95.00 Cr in Swaminarayan Business Park, a late-stage commercial Project located in Narol, Ahmedabad, along with Kotak’s Asset Reconstruction Arm – Phoenix ARC”. 

Nisus BCD Advisors LLP (“Nisus BCD”), is an alternative asset manager of Nisus Finance Group which has recently launched a Rs. 700 Crores RESO-I fund.

A press release issued by Nisus Finance says that, Nisus along with Phoenix ARC has invested Rs. 95.00 Crores to takeover and exit the loans of the erstwhile lender DHFL through Piramal Capital & Housing Finance Limited. Both Nisus BCD and Phoenix ARC shall continue to have Pari-Passu charge on the project. 

Swaminarayan Business Park is owned by Dharmadev Group through its Development Entity ‘MH Infraprojects Limited’, situated in Narol, Ahmedabad. The Project on a land of ~ 18,000 metres with 5.24 lac square feet of saleable area, is spread over 6 commercial blocks of which one block is already significantly leased to India’s top marquee brands. The balance five blocks are nearly complete have already been majorly sold to top retail, and corporate enterprises. Nearly 80% of the Project is complete and has all approvals in place, with balance construction in full swing for a superior quality project delivery within the next 12 months.

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Amit Goenka, MD& CEO Nisus Finance commented “This investment is centric to our strategy in the RESO-1 Fund to generate significant alpha through a strongly risk mitigated structure with high asset and cash flow cover. Our partnership with Phoenix ARC is the culmination of our extensive mutual understanding in capitalizing highly value accretive projects that not only deliver superior projects in a short period but also successfully exit both our investments rather quickly. Dharmadev Group met our mutual expectations on track record, due diligence and promoter commitment. We are happy to partner with Dharmadev Group for this superior project in that micro market of Ahmedabad. RESO-1 will regularly partner with Phoenix ARC and other top deck financial institutions who share similar conservative values, have strong diligence and processes, and can mutually identify value outliers”

Umang Thakkar, Chairman, Dharmadev Group, stated, “We are proud of our association with Shri Amit Goenka, Nisus Finance and Phoenix ARC. They have been quick to understand the immense potential of the Project and created a win-win for all stakeholders in mutually discharging the claims of the erstwhile lenders while helping accelerate the completion and deliverables of this marquee landmark project of Narol to our very esteemed buyers and clients. We are certain of completing delivery and handover of Swaminarayan Business Park within 12 months.” 

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