Real estate focussed Piramal Fund Management has invested Rs. 425 cr in a Central Mumbai project being developed by Lodha Group. Lodha Group is India’s largest real estate developer by sales for four consecutive years.
PFM has committed Rs. 425 cr 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.
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.
Khushru Jijina, Managing Director, Piramal Fund Management said, “We are pleased to lend to the Lodha Group; this is our first structured deal with the realty developer. We look forward to deepening our ties as we evaluate their portfolio of projects.”
Abhishek Lodha, Managing Director, Lodha Group said, “We are pleased with Piramal Fund Management’s decision to invest with us given the experience, scale and depth of their financing platform. We are constantly looking to grow our pool of credible funding partners and look forward to a long-term relationship with them.”
SOURCE: CREDAI NCR
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