Altico Capital, the non-banking financial company of Clearwater Capital Partners, has lent Rs 300 crore (€40 million; $45 million) to Kumar Urban KUL to fund KUL Ecoloch, a residential project in Pune.
The proceeds will be used to refinance the developer’s existing loans and to fund the current project construction.
KUL Ecoloch is a 100-acre project located along a proposed road that would provide a link between the cities of Hinjewadi and Baner. The first phase of project has been completed while the second and third phases are under construction.
“Through this transaction, Altico Capital has further strengthened its presence in the Pune market,” said Sanjay Grewal, chief executive of Altico, in a statement. “The overall exposure to this key market should cross Rs 1,000 crore soon, with our main focus remaining on providing capital to leading developers focused on mid-income and affordable residential projects in established locations.”
This is Altico’s third investment in Pune this year. It has previously completed a Rs 250 crore multi-project financing transaction with Marvel Developer and a Rs 180 crore deal with Pharande Group.
KUL is a residential and commercial real estate developer with more than 6 million sq ft under development in Mumbai and Pune.
Altico Capital is backed by Clearwater Capital Partners, Varde Partners and the Abu Dhabi Investment Council. Its development loans are focused on mid-income and residential projects in tier-one cities.