Nisus Finance’s latest fund, the Real Estate Special Opportunities (RESO) Fund-1, on August 24 announced the conclusion of its maiden investment of Rs 95 crore in Swaminarayan Business Park, a late-stage commercial Project located in Narol, Ahmedabad. The investment was done along with Kotak’s asset reconstruction arm, Phoenix ARC.
Nisus BCD Advisors LLP, an alternative asset manager of Nisus Finance, recently launched the Rs 700 crore RESO-I fund.
With this, Nisus and Phoenix have taken over the loans of DHFL. DHFL had been acquired by Piramal Capital & Housing Finance Limited.
Also read: Nisus Finance to invest Rs 1,400 crore in Indian residential sector; to foray into Kolkata, Chennai
"Both Nisus and Phoenix ARC shall continue to have pari passu (equal) charge on the project. This is the first joint investment by Nisus and Phoenix. This investment is central to our strategy for the RESO-1 fund, which is to generate risk mitigated alpha with high asset and cash flow cover. Our partnership with Phoenix ARC is the culmination of our mutual understanding in capitalising value accretive projects that help us successfully exit both our investments rather quickly," said Amit Goenka, MD& CEO, Nisus Finance.
Swaminarayan Business Park is owned by the Dharmadev group through its development entity MH Infraprojects Limited, situated in Narol, Ahmedabad.
The project is on a 18,000 square metre land parcel with 5.24 lac square feet (48,000 sq mtrs) of saleable area. It comprises six commercial blocks, one of which has already been leased out to big brands. The remaining five blocks are nearly complete, and have already been sold to top retail and corporate enterprises, the company said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
