<article>Real estate firm <a style="color: #000080;" href="http://dealstreetasia.com/tag/sare-homes" target="_blank">SARE Homes</a> has raised Rs 435 crore ($63.5 million) from <a style="color: #000080;" href="http://dealstreetasia.com/tag/altico-capital" target="_blank">Altico Capital</a> and private equity fund <a style="color: #000080;" href="http://dealstreetasia.com/tag/kkr" target="_blank">KKR</a> for a township project in Gurgaon.</article>

Real estate firm <a style="color: #000080;" href="http://dealstreetasia.com/tag/sare-homes" target="_blank">SARE Homes</a> has raised Rs 435 crore ($63.5 million) from <a style="color: #000080;" href="http://dealstreetasia.com/tag/altico-capital" target="_blank">Altico Capital</a> and private equity fund <a style="color: #000080;" href="http://dealstreetasia.com/tag/kkr" target="_blank">KKR</a> for a township project in Gurgaon.
As part of the deal, KKR has provided additional capital of Rs 120 crore for construction and augmenting its existing facility of Rs 95 crore.
Out of Rs 315 crore raised from Altico Capital, the company will use Rs 280 crore to repay debt of <a style="color: #000080;" href="http://dealstreetasia.com/tag/gic" target="_blank">GIC</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/bank-of-india" target="_blank">Bank of India</a>. The remaining amount will be deployed for construction activities.
Altico’s contribution will be used to refinance existing debt and towards expenses incurred on the 66 acre-project, which includes a residential development potential of around 6.5 million sq ft.
KKR had earlier invested around Rs 200 crore ($30 million) in SARE Homes through compulsorily convertible debentures.
“This is a unique opportunity to participate in a large ongoing township project in the New Gurgaon Region. The investment aims to underwrite a township development wherein the marketability has been established through sales of close to 4.5 million sq ft in the project to date.” Sanjay Grewal, CEO, Altico Capital said.
Besides Gurgaon, SARE Homes also has presence in Chennai, Ghaziabad, Amritsar, Indore and New Mumbai. It claims to have 4 million sq ft since 2006 and is currently executing more than 9 million sq ft across five projects. It counts global funds like Forum Partners and Goldman Sachs Principal Strategy Asia Ltd as its investors.
Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor <a style="color: #000080;" href="http://dealstreetasia.com/tag/clearwater-capital" target="_blank">Clearwater Capital Partners Llc</a>, has emerged as an active investor in the Indian real estate market. It recently invested round Rs100 crore ($15 million) in a residential project of Mumbai-based Rajesh Lifespaces. In September, Altico also invested $75 million three residential projects of Mumbai-based Nirmal Group.
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/altico-capital-invests-rs100-crore-in-south-mumbai-residential-project-54986/" target="_blank">Altico Capital invests $15m in south Mumbai residential project</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/altico-capital-invests-rs500-crore-in-realty-firm-nirmal-group-54299/" target="_blank">Clearwater-backed Altico Capital invests $75m in Indian realty firm Nirmal Group</a>

Real estate firm SARE Homes has raised Rs 435 crore ($63.5 million) from Altico Capital and private equity fund KKR for a township project in Gurgaon.

India: Altico Capital, KKR invest $63.5m in SARE Homes' project

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India: Altico Capital, KKR invest $63.5m in SARE Homes' project

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