Apollo provides $60m to Indian real estate firm

The asset manager is making its second investment into Logix Group, the Indian developer of IT parks and IT Special Economic Zones.

Private equity firm Apollo Global Management has committed Rs 4000 million ($60 million; €53.6 million) in a structured finance transaction with Indian real estate company Logix Group.

The proceeds will be used to fund Logix Group’s completion of all its existing residential and commercial projects, enabling the group to deliver approximately 8,400 homes to customers over the next 12 to 18 months.

india“We value our long term relationship with Apollo and appreciate their confidence in our team,” said Shakti Nath, chairman and managing director of Logix Group, in a statement. “This facility helps us achieve financial closure on all the group’s ongoing developments and will enable us to maximize the value of our portfolio of office and retail assets.”

“We are delighted to partner with Logix which has built several landmark projects in Noida and look forward to working closely with them on their next phase of growth,” added Philip Mintz, Apollo Asia Real Estate India head.

Both Apollo and Logix Group declined to comment further on the transaction.

Previously, Apollo and Logix developed an office park in Noida together (Logix Cyber Park), which Apollo exited in September 2015.

Logix provided a partial exit from Blossom Green to ICICI Prudential’s India Opportunity Fund and it is expected to decide the remainder late this week. Logix also plans to provide an exit to Acacia, one of its other foreign investors, in an IT park project (Logix Technopark) in Noida.

Logix Group has also developed 23 million sq ft and 200 acres of plotted development of residential hubs, 9.5 million sq ft of mixed‐use retail, commercial and hospitality developments, and completed more than 4 million sq ft of IT facilities.