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.
“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.