Golden Gate Properties Raises R200Cr Through NCDs
Golden Gate Properties has raised R200Cr from 
JM Financial by issuing NCDs. The funds will be used to revive Golden Grand, the developer’s signature residential project in Bangalore.
Bangalore based Golden Gate Properties started operations in 1997. The company is having 5 on-going projects at strategic locations of Bangalore and Hyderabad.
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Golden Capital had earlier raised $70Mn from RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank. Soon after, Citigroup invested about R150Cr at a project level.
In 2010, the company was looking to sale some of it's land parcels to raise funds for retiring debt. It was looking to raise upto R200Cr to repay debt raised from Citigroup. It had put two land parcels on Sarjapur Road (close to Bangalore’s IT corridor) on the block.
Real Estate developers are looking to raise funding either from NBFCs or private equity investors after banks tightened lending to this sector. A number of real estate developers Nitesh Estate and Indiabulls have raised PE funding for their ongoing projects
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 22/01/08 | Golden Gate - RREEF Alternative Investments, | Private Equity | RREEF Alternative Investments | 70.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 18/05/12 | Private Equity | Panchshil Real Estate Consultants Private Limited | EON SEZ | - | Completed |
| 18/05/12 | M&A | Godrej Properties Limited | Bangalore Land | 18.25 | Planned |
| 18/05/12 | Private Equity | Panchshil Real Estate Consultants Private Limited | Hadapsar Project | - | Completed |
| 18/05/12 | M&A | Looking For | Mumbai Land | 529.20 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| JM Financial India Fund | 225 | BFSI Education IT/ITES/Technology Pharma Retail |
www.jmfinancial.in | Nimesh N KampaniVijay Laxman KelkarPravin P ShahEknath Atmaram KshirsagarD E UdwadiaAshith N KampaniPaul ZuckermanHarinder ShawneyAmeet Kaur |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Golden Gate Properties Limited | Pratap Kunda | Golden House, #820, 80 Feet Road, 8th Block, Koramangala |
Ackruti City Limited (Formerly Akruti Nirman Ltd) Orbit Corporation Limited |
www.ggproperties.com |
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