Hyderabad-based real estate developer, INDIS, has raised Rs 1,000 crore from Brookfield Asset Management. The deal will fuel the company's strategy of aiming to grow its housing portfolio in the mid-market segment in South India-based urban locations.
The transaction represents a Rs 1,000 crore investment in five residential projects under development in South India from Brookfield’s Special Investment Fund (BSI). The investment is in the form of structured capital with base returns and an equity upside.
Brookfield’s BSI Fund was set up to invest in large-scale, non-control, equity and equity-like investments with a sector agnostic strategy. This investment provides INDIS with additional liquidity to accelerate the development of projects in a fundamentally strong residential market, the company said in a statement.
The total developable area under these five projects is around 6.5 million square feet. INDIS has so far delivered 5 million square feet area while another 11 million square feet area is currently under development.
"This transaction will help us grow our portfolio of operating projects at a faster pace while creating more value for stakeholders, especially our customers. A portion of the deal will also be used to give an exit to some of the current investors,” said G Anand Reddy, founder, INDIS, formerly INCOR Group.
“This is the fourth transaction with INDIS and represents our philosophy of building strong relationships with known counterparties BSI continues to scale up its business in India and is evaluating multiple opportunities across sectors including financial services, industrials and real estate” Dev Santani, Managing Director, Brookfield Asset Management.
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