Assotech Limited is raising R75Cr from Sun Apollo India Real Estate Fund by selling 49% stake in a housing project in Gurgaon.
Assotech is developing the project - Assotech Blith - in a 12-acre land with a total estimated project cost of R500Cr.
The company has acquired land for R152Cr of which R75Cr will come from Sun Apollo.
Founded in 1987 by Sanjeev Srivastva, Assotech is a engaged in Real-Estate development by creating tailor made Residential, Retail, Corporate, Hospitality and Healthcare projects.
The group has close to a R33Bn worth of projects under various stages of development and execution.
Currently it is developing projects in various verticals of real estate in Delhi-NCR, Uttar Pradesh, Madhya Pradesh, Uttarakhand, Odisha, Bihar, etc. Assotech having developed over 7 Mn sqft of built up area and is currently developing more than 8 Mn sqft of built up area in these states.
Sun Apollo Real Estate Advisors Ltd, a $630 Mn fund, is a joint venture between Sun Group of Companies and AREA Property Partners (formerly Apollo Real Estate Advisors).
The portfolio investment of fund includes Parsvnath Buildwell, Keystone Realty among others.
Recently in this space, Kotak Realty Fund is investing R80Cr in Gurgaon based Orris Infrastructure for it's group housing project; Baring Private Equity Partners is investing $100Mn (R500Cr) in real estate developer RMZ Corp and Godrej Properties is raising $100Mn from Singapore Government's sovereign fund - GIC Real Estate for it's office project in Bandra Kurla Complex.
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Tags
real estate ,
Assotech Limited ,
Sun Apollo India Real Estate Fund ,
Assotech Blith ,
Sun Group of Companies ,
AREA Property Partners ,
Kotak Realty Fund ,
Orris Infrastructure ,
Baring Private Equity Partners ,
RMZ Corp ,
Godrej Properties ,
GIC Real Estate
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 07/02/12 |
Assotech - Sun Apollo |
Private Equity |
SUN-Apollo India Real Estate Fund |
15.29 |
| 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 |
| SUN-Apollo India Real Estate Fund |
630 |
Real Estate |
www.sun-apollo.com |
Achin NarulaChetan DavePrakash kalothia
|
Company |
| Name | Promoters | Office | Competitor | Website |
| Assotech Limited |
Sanjeev Srivastva |
148-F, Pocket-IV, Phase-I, Mayur Vihar |
|
www.assotechlimited.com |
