| Log in

Kolte-Patil Developers raises $18M from JP Morgan for Mumbai project

11 December, 2015

Pune-based Kolte-Patil Developers Ltd said on Friday it has entered into a Rs 120 crore ($18 million) co-development agreement with an affiliate of JP Morgan Asset Management.

The investment from Metropolitan Lifespace Real Estate Developers is for a redevelopment project named Jay-Vijay Society in Ville Parle (east), located off Western Express Highway, in Mumbai.

The project is spread over an area of 2.25 acres. Kolte-Patil’s economic interest in the project is about 1.65 lakh sq ft. 

The announcement comes a day after VCCircle reported that the developer had received funding from JP Morgan through an inventory buying structure. 

The company said on Friday that it has received all approvals for the project and that it expects to deliver the project in 30-36 months. 

JP Morgan will get a specified area of the project after completion as a part of the agreement. 

A company executive, who did not wish to be named, said that the project has a total of 258 units, of which 112 belong to the current tenants. From the remaining 146 units, 57 measuring roughly 63,000 sq ft saleable area will belong to JP Morgan and the rest to Kolte-Patil. He also said that half of the capital will come once documentation is completed and the rest as construction progresses. 

Kolte-Patil has so far developed more than 50 projects across residential, commercial and IT Parks covering a saleable area of over 12 million sq ft in Bengaluru and Pune.


Leave Your Comment
Motilal Oswal Real Estate backs Kolte Patil’s Pune project

Motilal Oswal Real Estate backs Kolte Patil’s Pune project

Swet Sarika 2 years ago
Kolte Patil Developers Ltd has raised private equity funding from Motilal Oswal...
Exclusive: Realtor Kolte Patil to seal bulk buying deal with JP Morgan

Exclusive: Realtor Kolte Patil to seal bulk buying deal with JP Morgan

Swet Sarika 2 years ago
Public listed developer Kolte Patil is in advanced stages of discussion with...
Kolte-Patil acquires land parcel in Pune for $56M

Kolte-Patil acquires land parcel in Pune for $56M

Bhawna Gupta 4 years ago
Pune-based real estate developer Kolte-Patil Developers Ltd has acquired a 34...
No Comments

Kolte-Patil Developers raises $18M from JP Morgan for Mumbai project

Powered by WordPress.com VIP