Hyderabad-based real estate firm INDIS (formerly the INCOR Group) has raised Rs 1,000 crore from Canada’s Brookfield Asset Management Inc. to grow its portfolio and enable some current investors to exit, it said in a statement.
The money has been raised for the company’s five residential projects under development in Hyderabad , spread across 6.5 million square feet (sq ft).
The investment is in the form of structured capital with base returns and an equity upside. Brookfield’s BSI Fund was set up to invest in large-scale, equity and equity-like investments with a sector-agnostic strategy. The investment provides INDIS with additional liquidity to accelerate the development of projects.
“This transaction will help us grow our portfolio of operating projects at a faster pace, while creating more value for stakeholders, especially our customers. A portion of the deal will also be used to give an exit to some of the current investors,” said G Anand Reddy, founder, INDIS.
In 2018, Brookfield had invested $100 million in five housing projects of INDIS, then called Incor. “This is the fourth transaction with INDIS and represents our philosophy of building strong relationships with known counterparties, BSI continues to scale up its business in India and is evaluating multiple opportunities across sectors including financial services, industrial and real estate,” said Dev Santani, managing director, Brookfield Asset Management.