Xander Finance Invests Rs 70Cr In Ajmera's Times Square Project

03 May, 2012

Xander Finance, the Indian NBFC (non-banking financial company) arm of the global investment firm Xander Group, has invested Rs 70 crore or $14 million in an office & retail project, being developed by the realty firm Ajmera Group. Christened as the Times Square, the grade A office & retail project is located in Andheri East and promoted by Rajnikant S. Ajmera of Nilkanth Tech Park Pvt Ltd.

Xander’s investment is structured as senior secured non-convertible debt. Xander Finance is the Indian credit arm of the Xander Group and claims to be one of the most active NBFCs in the country. Xander Group is focused on infrastructure (it has already invested in HCC Concessions and Sadbhav Infrastructure), hospitality (Sinclairs Hotel), retail (Trent) and real estate sectors. Since 2005, the firm has committed over $1.8 billion of equity capital to the Indian market across private, public and credit investments.

Yes Bank was the sole advisor on this transaction.

Times Square is located on the Andheri-Kurla Road in Andheri East and is within 300m of the upcoming metro station in Marol. “The building consists of around 850,000 sq. ft. of retail & office area, of which almost 600,000 sq. ft. area has already been developed and is now ready for possession. The remaining 250,000 sq. ft. of space is expected to be completed by 2013,” a statement said.

Times Square is a LEED Gold-certified building with a unique 144 ft. centrally sky-lit atrium. The building has a frontage of over 300 ft. on the Andheri-Kurla Road – one of the largest frontages on a main arterial road.

“Times Square is a unique project in Andheri with high visibility in the community. “We are pleased to partner with Xander as they share our commitment of delivering the highest standards of real estate, as well as our long-term vision for the project,” said Dhaval R. Ajmera, managing director of Nilkanth Tech Park.

“This transaction is also an indicator of Xander Finance’s reputation as a preferred provider of structured credit in India, and the group’s increasing commitment to the Indian market,” said Sid Yog, Managing Partner of the Xander Group, Inc.

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Xander Finance Invests Rs 70Cr In Ajmera's Times Square Project

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