360 ONE, a wealth and alternates-focused asset firm, on June 30 announced a strategic equity investment in NEOLIV- an integrated residential platform, according to a company statement.
In addition, NEOLIV has secured approval of Category II AIF from SEBI (Securities and Exchange Board of India) and intends to raise $150 million including a green shoe option of US$ 60 million, added the statement.
NEOLIV has been founded by Mohit Malhotra, former MD, and CEO of Godrej Properties, which focuses on durable middle-income housing in the Delhi NCR and Mumbai Metropolitan Region (MMR) markets, targeting healthy returns with measured equity risk.
The investment by 360 ONE is the first of its kind in the space and firmly establishes the credentials of the founding team. NEOLIV intends to utilize the funds to set up robust investment, corporate governance, and execution processes, hire top talent and establish a unique competitive edge in the real estate sector, the company statement said.
Also read: Corporate Crossings | Mohit Malhotra resigns as MD & CEO of Godrej Properties
“We are excited to partner with 360 ONE as a strategic equity investor in our company. 360 ONE’s commitment to NEOLIV is a testament to the innovative platform which NEOLIV is building in the residential space in India. This investment will allow us to build and expand our unique model to better serve our customers,” Mohit Malhotra, Founder and CEO, NEOLIV, said.
“Over the past few years, there has been a vacuum created in the residential fund and development space, where we see strong demand as the country’s middle-income segment continues to grow. We are pleased to be working with the NEOLIV team who bring on board a highly credible track record of capital raise, business development, governance, execution, and customer satisfaction to further capitalize on opportunities in this space and believe this investment will deliver strong risk-adjusted returns for all beneficiaries,” said Karan Bhagat, Founder, MD & CEO, 360 ONE.
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