India: Realty firm Vatika Group raises $103m from Altico Capital

Photo: Ramesh Pathania/Mint

Altico Capital India Pvt. Ltd, the non-banking financial company of Asia-focused investor Clearwater Capital Partners Llc, on Friday said it has closed a deal worth around Rs 700 crore ($103 million) with Vatika Group in Gurgaon.

“The first tranche of Rs 475 crores invested in a portfolio of projects with current potential of 3 million sft located in their flagship residential township ‘Vatika India Next’,” the investment firm said in a release.

The remaining part of the  funding will come in subsequent stages as the project is being developed over several phases.

CBRE’s Capital Markets team was the advisor to the transaction.

Vatika India Next is an integrated township with developed social infrastructure including school, retail spaces and medical facilities, are already operational. Over 3,000 families are already residing in the township with more than 5,000 homes delivered by the Vatika group.

Altico Capital India 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.

Most recently, it invested Rs 435 crore ($63.5 million)  in real estate firm SARE Homes along with private equity fund KKR for a township project in Gurgaon.

“The investment aims to underwrite projects within a township development wherein catchment and marketability has been established,” Sanjay Grewal, CEO, Altico Capital, said.

The investment is for development of specific projects in the township including a 14 screen PVR multiplex touted to be the largest PVR complex in the area, a mid-market group housing project called ‘Tranquil Heights’ and a commercial project.

“Our association with Vatika will help execute and deliver around 3 million sft of residential, retail and office space with a further potential to add another 1 million plus square feet in future phases of development,” Grewal added.

Also Read:

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

Altico Capital invests $15m in south Mumbai residential project

Clearwater-backed Altico Capital invests $75m in Indian realty firm Nirmal Group

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.