Altico Capital, an NBFC (non-banking financial company), has pumped in roughly Rs. 570 crore for projects by Assetz Property Group in Bangalore along with a plotted project by Century Real Estate Holdings in the city. Rs. 450 crore has already been approved as debt financing throughout 5 projects by the Assetz Property Group with saleable area of 6.3 million sq. ft. being underwritten. The latest deals take Altico Capital’s total investment in Bangalore real estate to around Rs. 1, 000 crore. Two more deals are lined up for completion by March next year as per reports. The Century plotted development has already been launched in September this year and the company has managed to sell 120 out of a total of 450 plots. The money will be used by the company for payments pertaining to land acquisition at the 30 acre project in north Bangalore. Assetz will be using the money to fund development of its 5 residential projects including those for mid-income buyers in north and north-east Bangalore along with projects situated at the fast-growing Whitefield locality. Altico Capital is reportedly drawn to the growth prospects of the mid-income and affordable housing segments in the Bangalore real estate sector in tandem with projects which are nearing completion with OC (occupation certificates) being acquired. The NBFC will also be pumping in money for logistics and office based real estate projects in Bangalore which is one of the best performers in the Indian realty scene over the last few years. There will be investments in the education sector as well according to reports. Fiera Capital, Varde Partners Inc. and Abu Dhabi Investment Council are the main backers behind the NBFC which has already invested another Rs. 650 crore for a mega warehousing and industrial park at Bhiwandi which is in close proximity to Mumbai. This project is being developed by the Renaissance Group. Naina Lal Kidwai, former chief at HSBC India, is the chairman of the NBFC. The Assetz Group has several popular real estate projects in Bangalore including Assetz Lifestyle 63 East, Assetz Homes East Point, Assetz Homes Stratos, Assetz Homes Marq Phase 1 and many more. Some of the top Century projects in the Garden City include Century Corbel and Century Indus Phase 2 to name a few.
Altico Capital invests in Bangalore real estate projects
