Dalmia Nisus Finance has invested around Rs 80 crore in two real estate projects in Chennai and Bengaluru being developed by Puravankara Ltd and Shriram Properties and is in process of closing three more investment of Rs 125 crore.
Dalmia Nisus Finance Investment Managers LLP, an alternatives manager, has invested this amount from its Real Estate Credit Opportunities Fund - I (RECOF - I).
Dalmis Nisus is the joint venture fund of Nisus Finance headed by industry veteran Amit Goenka and the Gaurav Dalmia Group. These maiden investments are part of the Rs 500 crore RECOF-1 Fund that primarily invests into structured credit and mezzanine investments across the residential space in India. RECOF-1 fund had announced its first close in March 2020.
Gaurav Dalmia, Chairman, Advisory Board of the Fund said, ''On a long-term risk adjusted basis, real estate structured capital remains a very attractive asset class.''
Amit Goenka, Managing Partner and CEO of the Fund, said this is a unique time for capital pools to maximize on the opportunities within the real estate sector. ''We are excited about our investment with the Puravankara Group and Shriram Properties and believe that in the current environment, top deck players like these will continue to show extraordinary growth and performance,'' he added.
''Our investments are uniquely structured to create a win-win with our investee companies while significantly mitigating idiosyncratic risks. Our investors will generate a significant alpha due to the uniqueness of our structure and partnership,'' Goenka said.
The first transaction with Purvankara for a plotted development in Chennai, while the second one is towards Tanmathra Aquarelle Pvt Ltd’s new gated community project, being development managed by Shriram Properties Ltd.
This project, called “Shriram Chirping Grove”, is being developed by Shriram under a Development Management (DM) arrangement, for Tanmanthra. Shriram Chirping Grove is a gated community project in South Bengaluru, was launched in May’21 and has received encouraging response with over 40 per cent of current phase sold already in less than two and half months.
M Murali, Chairman and MD, Shriram Properties, said, “The partnership with Dalmia Nisus Finance has been valuable to us as they bring immense understanding, sophistication and deep engagement with the real estate sector especially in affordable and mid-market housing and also plotted development.'' The partnerships such as with Dalmia Nisus Finance will help accelerate the pace of our existing projects and sales, he added.
The fund is currently in the process of closing three more investments for Rs 125 crore in Mumbai, Pune and Bengaluru.
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