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DEBT | 21 August 2013

Wadhwa Group Raises Debt; Plans PE Fund Raise

by Tilak Devadiga
Wadhwa Group Raises Debt; Plans PE Fund Raise
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Real estate developer, Wadhwa group has raised R100 Cr in debt from JM Financial Products Limited to finance its luxury project in Mumbai, Mint stated. It is also planning a PE fund raise to the tune of R175-200 Cr for the same. The group is developing luxury project which houses 54 units with a pricing of more than R10 Cr.

The 45 year old group is involved in the development of high end residential and commercial property. Some of the projects under the wadhwa group banner include Solitaire - Powai, Imperial Heights - Goregaon, Aquaria Grande – Borivali, The Address - Ghatkopar, Trade Centre, Platina, The Capital& ONE BKC in BKC, etc.

The company has plans for many projects for execution in the coming years. Most of these projects are being undertaken in partnership with local developers.

  • The company has planned an investment of R100-200 Cr for 5 residential projects of which three are expected to be launched this November.
  • In May, the company received R350 Cr for its slum rehabilitation project from IIFL Realty Fund, which it plans to launch this December.
  • The company is also planning to launch a mixed use project that includes residential, commercial, retail, and hospitality space, spread across 550 acres in Navi Mumbai.
  • The company is also close to finalizing a PE deal worth R1000 Cr with Morgan Stanley Real Estate for a commercial project called ‘One BKC’ in the Bandra-Kurla Complex (BKC) business district of Mumbai.

With the slowing down of economic growth, the investment in the R3-8 Cr range has been affected however the R10-12 Cr properties have been a attracting investments.

PE investment in residential projects dropped 48% to $156 Mn in the first half of 2013 from the year-ago period. The PE investments in real estate was recorded at $276 Mn(around R1,638 Cr) in first half of 2013 as compared to $514 Mn (around R3,050 Cr) in the same period last year.

In 2013, the highest value of private equity investments is noted in Pune $131.6 Mn(R 7.8 Bn) followed by Mumbai at $ 67.5 Mn (Rs 4 Bn), NCR at $38.8 Mn (R 2.3Bn) and Bengaluru at $16.9 Mn (R 1 Bn).

Other activities in this segment;

  • Indiareit Fund Advisors had announced the interim closure of its Domestic Fund Scheme V, after it raised R300 Bn from domestic investors. The fund aims to invest in redevelopment project across India and targets a total corpus of R1000 Bn.
  • The real estate firm Shriram Properties - a part of Financial Giant Shriram Group was planning to raise R450 Cr PE investment in order to acquire multiple residential projects in Chennai and Bangalore.
  • ASK Property was planning to pump in investments of R500 Cr by fiscal end.
  • Abu Dhabi Investment Authority, a sovereign wealth fund institute was looking to make an investment worth $200 Mn in Indian Real estate.
  • Chennai based residential developer - Green Tree Homes was in talks with PE investors to raise around R50 Cr to its ongoing products

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