Altico Capital, the non-banking financial arm of Clearwater Capital Partners, has closed three transactions worth Rs 575 crore ($86.6 million) across mid income residential projects in Tier I markets of Mumbai, Pune and Bangalore, the company said in a statement.
It has entered into a multi-project financing arrangement with Pune-based Marvel Developers and backed society redevelopment projects of Midcity Group in Mumbai. It has also invested in Unishire against a portfolio of five projects in Bangalore.
Sanjay Grewal, chief executive officer, Altico Capital, said, “Altico continues to focus on its core strategy and looks to build a stable business deploying Rs 2,500 crore in Tier 1 cities each year. We expect to close out similar amounts of disbursements of around Rs 600 crore in this upcoming quarter.”
“While some locations are resilient, some are slow at present. With medium to long-term fundamentals of the sector intact, these are preferable market conditions for us to underwrite senior secured loans, instead of markets in upswing,” he said.
Altico now claims to have a net worth exceeding Rs 2,000 crore and aims to expand its geographical presence besides looking at investments in Mumbai, NCR and Chennai to Bangalore and Pune. As reported by VCCircle, the firm said it will look to deploy incremental capital in the commercial real estate and infrastructure sectors if right opportunities present themselves.
The statement also said the board of the company has approved fundraise of Rs 2,000 crore through a mix of channels, including bank lines, commercial paper and NCDs, to support asset growth plans.
The platform is backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council. It has completed 11 transactions in the past nine months and some of its
big-ticket transactions are with Mumbai-based Radius Developers, promoted by Sanjay Chhabria and the co-investment facility to Century group along with Piramal.