News
Piramal Fund invests Rs 425 cr in Lodha’s project in Mumbai
Piramal Enterprises real estate fund has invested Rs 425 crore in realty firm Lodha Group’s housing project in Central Mumbai, according to a news agency report.
Piramal Fund Management (PFM) has invested Rs 425 crore in a Central Mumbai project being developed by Lodha Group, Piramal Enterprises said in a statement.
The report said Piramal Enterprises through its PFM Division, provides comprehensive financing solutions to real estate companies. PFM has committed Rs 425 crore to a project being developed by a 100 per cent subsidiary of Lodha Developers Pvt Ltd, the flagship company of Lodha Group.
The investment is towards construction of premium residences being developed by Lodha Group in a project with more than 5 lakh sq ft of saleable area.
According to the report, the project, which is already 40 per cent sold, is in the midst of construction.
“The deal has been structured as a fixed return debt investment with periodic coupon payments and has an appropriate security mechanism in place including hard asset cover as well as escrow of receivables,” the statement said.
PFM is uniquely capable of catering to the entire capital stack right from early stage equity to late stage debt and construction finance and is therefore able to act as a perpetual provider of capital for the real estate development life cycle, it added.
“This is our first structured deal with the realty developer. We look forward to deepening our ties as we evaluate their portfolio of projects,” said Khushru Jijina, MD, Piramal Fund Management.
Lodha Group MD Abhishek Lodha said, “We are constantly looking to grow our pool of credible funding partners and look forward to a long term relationship with them.”
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