New Delhi: Omaxe, one of India’s leading real estate development companies, today said it has raised Rs 440 crore from Värde Partners, a leading global alternative investment firm.
The company said it will deploy the funds for expediting construction and delivery of its projects as well as for expansion.
Omaxe Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore and Faridabad. It is also developing a multilevel parking cum commercial project in PPP model with North Delhi Municipal Corporation in Chandni Chowk, Delhi scheduled for delivery in this fiscal.
The Group has so far delivered approx. 127.89 million sq. ft. (till December 2021) in real estate and construction contracting.
Commenting on the development, Atul Banshal, Director Finance, Omaxe Ltd. said: “Over the last three decades, Omaxe has built a reputation among homebuyers, investors and financial institutions based on strong fundamentals & financial discipline, quality construction, consistent delivery and a healthy return on investment. We will double down on investments in the cities driving our growth to develop new-age and world-class residential, commercial and retail destinations. We are not doing just this one transaction with Värde but looking to create a long-term partnership across projects”.
In last two financial years, Omaxe has repaid net Rs. 550 Crores to lenders as principal payment and reduced its debt form Rs. 1400 Crores to Rs. 850 Crores.
Omaxe has sold properties worth Rs.1155 crores in the first nine months of FY 2021-22.
“We welcome the opportunity to establish this partnership with Omaxe, and help support the development and growth of the company’s extensive real estate portfolio,” said Tim Mooney, Partner and Global Head of Real Estate at Värde Partners. “This deal reflects our continued belief in what we see as a significant, scalable opportunity set across the Indian real estate market and our ongoing commitment to investing in India.”
Värde Partners has 28 years of experience investing in real estate and credit markets and originated over $5 billion in commercial real estate loans globally since 2017.
The firm opened its Mumbai office in 2018 and has invested more than $2 billion in India.
(Economy India)
