Mumbai-based Avenue Venture Real Estate Fund, managed by Avenue Venture Partners LLP, is investing Rs 55 crore ($9.54 million) in Casa Grande Pvt Ltd, a Chennai-based real estate enterprise, for its upcoming project in Thoraipakkam in Chennai.
The firm has already put in Rs 25 crore ($4.33 million) at project level as the first tranche of investment out of the total planned investment of Rs 55 crore in the apartment complex project, spread over 2.4 lakh sq. ft.
“Avenue Venture Partners has invested at project level and the project is strategically located in Thoraipakkam, which is the most sorted-out location on OMR (Old Mahabalipuram Road),” said Arun Kumar, founder & managing director of Casa Grande.
Started in 2004, Casa Grande develops residential projects like luxury villas and apartments in Chennai, Bangalore and Coimbatore. The firm has developed 2.5 million sq. ft. across 32 projects and has a projected pipeline of Rs 1,000 crore for this fiscal.
In 2004, Fulcrum Venture India invested an undisclosed amount in Casa Grande for an undisclosed stake. Last year, Fulcrum sold its entire stake in the firm for $9.25 million.
Avenue Venture is a Mumbai-based realty fund focused on investments in residential projects with developers in western and southern India. In April this year, it invested $7.32 million in the Bangalore-based residential project of Assetz Homes Pvt Ltd.
(Edited by Sanghamitra Mandal)