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Private Equity | 11 August 2014

Realty Firm Springsfield Shelters Plans PE Fund Raise

by Ahemad Shaikh
Realty Firm Springsfield Shelters Plans PE Fund Raise
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Coimbatore based real estate firm Springfield Shelters Private Limited is planning to tap the PE players to raise $15-17 Mn to fund its existing projects as well as new proposed projects. Part of the funding may also be taken to retire its debt.

Pune based investment banking firm Surmount Advisors has been given the mandate for the company’s first external fund raise.

With more than 100 acres of land under development, the realty firm is currently into residential property development in Coimbatore. It has already completed nearly 4,00,000 sq ft of built up space in Coimbatore. Some of its completed projects include Springfield Park at Ramanathapuram, Springfield Vestal at P. N. Pudur and Springfield Vestal Mansion at Saravanampatti.

With the gap in banking sector to suffice the needs of the real estate sector companies are scouting for other sources to fund their projects. Recently the capital markets regulator had approved rules for the creation of real-estate investment trusts and infrastructure-investment trusts in the country which would open up some liquidity for real-estate and infrastructure players.

The introduction of REITs will provide a new source of funding for cash-strapped developers that are struggling to reduce debt.

Recent deals in this space:

  • Realty firm Supertech Ltd had raised INR 4,000 Mn from private equity firm The Xander Group Inc. to finance its upcoming township and housing projects in Gurgaon.
  • Intime Properties Limited, part of the K Raheja Corp Private Limited had raised INR 3,400 Mn by issuing non convertible debentures backed by commercial real estate office space owned by the company in Hyderabad to refinance its debt.
  • ATS Group had raised of INR 1,270 Mn from the offshore fund managed by Singapore-based arm ASK Capital Management for its housing project in Noida.
  • Tata Capital’s Tata Opportunities Fund had picked up close to 18% stake in Shriram Properties Private Limited for a total of $80 Mn (c.INR 4,800 Mn).

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