| Log in
Photo Credit: Thinkstock

KKR backs affordable housing projects of Signature Global

09 May, 2017

Private equity giant Kohlberg Kravis Roberts & Co Ltd (KKR) has agreed to invest Rs 200 crore ($31 million) across a portfolio of affordable housing projects of Gurgaon-based developer Signature Global, the company said in a statement.

The proceeds will be used to buy land parcels for low-cost housing projects in Gurgaon. The projects will have units in sizes below 600 sq ft and will cost Rs 13-20 lakh per unit, the firm said.

The projects will come up under the affordable housing plan of Haryana government, it said.

“We are developing around 7,400 affordable homes. We have already allotted 5,005 units and 2,400 would be allotted soon. We wish to develop over 100,000 affordable homes by 2022. The current launch of over 1,900 units is a step in that direction and would come up at a total cost of Rs 500 crore,” said Pradeep Aggarwal, co-founder and chairman, Signature Global Group.

“Signature Global would be expanding to other cities like Karnal and Ghaziabad as well as cities in Uttar Pradesh and Maharashtra,” said Ravi Aggarwal, co-founder and managing director, Signature Global Group.

This marks the second fundraising event for Signature Global in the last one year. In May last year, it raised Rs 150 crore from ICICI Prudential.

KPMG India Pvt. Ltd and Yes Securities Ltd acted as financial advisers for the transaction.

KKR has an exposure to the Indian real estate market through its non-banking finance arm which was set up in early 2015 with Singapore’s sovereign wealth fund GIC as an investor. KKR also has another debt platform in India through which it invests across different sectors.

It has ramped up its activities in real estate lately and backed developers such as Mantri Developers, SARE Homes and Sunteck Realty. It invested Rs 145 crore in an ongoing luxury residential project of Mantri while it deployed Rs 150 crore and Rs 200 crore across residential developments of Sunteck and SARE, respectively.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
Bennett Property, Axis Bank join affordable housing fund as anchor investors

Bennett Property, Axis Bank join affordable housing fund as anchor investors

Keshav Sunkara 2 months ago
Mumbai-based financial services firm Brick Eagle Capital Advisory Llp has raised...
ICICI Prudential invests $22M in Signature Global

ICICI Prudential invests $22M in Signature Global

PTI 2 years ago
ICICI Prudential’s real estate fund has invested Rs 150 crore in realty...
CDC to invest $25 mn in Tata Housing’s affordable projects unit

CDC to invest $25 mn in Tata Housing’s affordable projects unit

Swet Sarika 1 year ago
The UK government-owned development finance institution CDC will invest $25...
No Comments

KKR backs affordable housing projects of Signature Global

Powered by WordPress.com VIP