MUMBAI: Clearwater Capital-backed non-banking financial company Altico Capital has provided a credit line of up to Rs 300 crore to Hyderabad-based real estate developer Phoenix Group.
Phoenix Group will use the funds to repay some lenders and for two of its projects—Halcyon, which it’s a residential project in Jubilee Hills, and a commercial development at Hafeezpet, Altico Capital said in a press release on Thursday.
“Track record of the group, location of the projects, product offering and stage of construction were key reasons for Altico’s investment,” said Sanjay Grewal, CEO of Altico Capital.
“While Halcyon is a premium development which has received good sales response from customers at a sought after location in Jubilee Hills, Trivium which is commercial project of around 1million sq ft, is located in the growing micro-market of Hafeezpet and is pre-leased to a wellknown international BPO firm.”
Altico said the funds would be released in tranches.
According to Grewal, the NBFC will be looking at similar transactions in the commercial real estate segment, including logistics and warehousing, in the next financial year to complement its existing real estate book as part of its diversification strategy.