Non-banking finance company Altico Capital has invested Rs 200 crore ($30 million) across a portfolio of projects of Bengaluru-based developer Legacy Group.
The investment is for a bunch of residential projects at various stages of construction, the NBFC said in a statement. The developer will use the money to refinance some existing lenders and construct projects.
“The product offering, a mix of late-stage and under-construction projects located at prominent and well-established micro locations in Bengaluru, apart from Legacy’s premium quality and demonstrated timely execution track record were key reasons for Altico's investment with the group,” Altico CEO Sanjay Grewal said.
Grewal said the company is evaluating multiple opportunities across residential and commercial office sector and plans to deploy another Rs 750-1,000 crore in Bengaluru during this financial year.
“Despite some slowdown in sales as well as regulatory hurdles in the recent past, the company remains bullish on the Bengaluru market due to continued growth in commercial absorption coupled with good demand for mid-income products which are competitively priced, all of which indicate towards continued robustness of this market,” he said.
Promoted by BH Krishnamurthy, Sanjay Shenoy and Rakesh Prabhu, Legacy Group has most of its projects in and around central and north Bengaluru. It claims to have delivered over 1 million sq ft of residential space since 2008 and has another 4 million to 5 million sq ft under various stages of execution.
The deal marks another portfolio-level transaction for Altico Capital in the past year. It had struck similar deals earlier for projects of Century Real Estate and Unishire Group in Bengaluru. Backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council, Altico has sealed deals with developers such as Radius Group, Lotus Greens, Century Real Estate, among others.
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