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outlookindia.com
1970-01-01T05:30:00+0530
Assetz Property Group to raise up to $250 mn in Q1 FY21

Mumbai, Jul 1 (PTI) Singapore-headquartered property

developer, Assetz Property Group plans to raise up to USD 250

million by the first quarter of next fiscal with a focus on

mid-segment residential portfolio, a top company official

said.

Last year, Assetz had raised Rs 900 crore from

financial institutions including Altico Capital, HDFC Bank and

Aditya Birla Finance to expand its residential portfolio in

Bengaluru.

In the last three years, the firm has successfully

raised money from investors like Equis Funds Group, Apollo

Global Management, JLL Segregated Funds group and Avenue

Venture Partners.

"The company is also exploring emerging asset classes

like co-living spaces, data centres and proptech, although it

is still in the phase of identifying the right business model

and partnerships," Assetz Property''s CEO and Co-Founder Ben

Salmon told PTI over an email interaction.

"After establishing ourselves as a leading player in

Bengaluru with a portfolio of large-scale, mixed-use

residential townships, luxury apartment developments and eco-

designed row houses, our next stage of growth will be through

an equity venture focused on mid-segment residential for sale

to scale the platform. We are targeting a USD 200-250 million

capital raise by first quarter next year," he said.

Salmon further said the company is well placed to take

advantage of the stress being witnessed in the debt market.

"As we consolidate our position in the market, we will

continue to focus on Bengaluru, which accounts for 18-20 per

cent of the residential absorption in India every year," he

said.

Assetz Property currently has a portfolio of 12

million sq ft, which is already funded and tied-up and has

identified another 5 million sqft of projects, which are under

various stages of acquisition.

"In the next two years, our residential portfolio will

increase to 17 million sqft," he said.

"We will continue to partner with high quality

institutional capital in select sectors while expanding and

improving our delivery quality within our core sectors of

residential, including a focused programme of specific built

co-living, and warehousing," Salmon said.

He said the company has also embarked on the

warehousing expansion plans across five key markets with a

development pipeline of over 10 million sqft.

In August 2017, Sydney-headquartered LOGOS Group

raised USD 400 million and entered into a partnership with

Assetz to launch its operations in India and raise a new fund.

The two partners set up, LOGOS India, a standalone platform to

develop assets worth USD 1 billion.

After establishing our warehousing business in India

with Logos, we have completed two transactions with one each

in Tamil Nadu and the NCR region, with over 2 million sqft of

operating assets, and a considerable development pipeline. Our

near term transactions will be focused in cities like

Bengaluru and Mumbai, he added. PTI PSK

AP AP


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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