Altico Capital India Pvt. Ltd, the non-banking financial arm of Clearwater Capital Partners, has invested Rs 180 crore ($26.8 million) across two residential projects of the Pune-based developer Pharande Group.
The capital will be deployed in tranches for L-Axis and Woodsville-III projects located in and around Spine Road, Pune, Altico said in a statement. The developer will use the proceeds to refinance an existing loan and construct the projects.
“The locations of the respective projects, the product offering and current stage of development were key reasons for Altico’s interest in the projects,” Altico CEO Sanjay Grewal said. “Pune is a key market for us.”
This is Altico’s second investment in Pune in the recent past. It deployed a total of Rs 240 crore across projects of city-based developer Marvel Group recently. In addition to its investment in Pharande Group, the firm aims to deploy Rs 400-500 crore in the next couple of months with developers focused on delivering mid-income and affordable residential projects.
Pharande Group has developed about 3 million sq. ft. of space. Its projects L-Axis and Woodsville III are under construction and have a saleable area of about 7 lakh sq ft each. The projects target the mid-income group with offerings of two- and three-bedroom flats costing Rs 50 lakh and more.
Altico has the backing of Clearwater Capital, Varde Partners and Abu Dhabi Investment Council. It was re-branded as Altico with fresh capital infusion in April last year. Since then it has sealed deals with developers such as Mumbai-based Radius Developers, Bangalore-based Century Real Estate and Lotus Greens in the national capital region.
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