Assetz Property Raises `1,000 Cr. For Residential Projects

Singapore-headquartered real estate developer Assetz Property has raised `1,000 crore from financial institutions including Altico Capital, HDFC Bank and Aditya Birla Finance to expand its residential portfolio in Bengaluru.

“We have raised all the money in the last six to nine months,” Akshay Dewani, chief executive officer, residential, of Assetz Property, noted. “We have raised `900 crore of the total funds and an additional `100 crore is in the process.”

This fund raise comes at a time when lenders, especially non-banking finance companies (NBFCs), have become cautious, in turn slowing down the refinancing of debt of real estate developers. New funding has also been affected in the last few months due to the crisis.

Assetz Property segregated its business in India into three verticals to raise funds separately. In August last year, Sydney-headquartered LOGOS Group had raised $400 million and entered into a partnership with Assetz Property to launch its operations in India and raise a new fund. The two partners set up, LOGOS India, a standalone platform to develop assets worth $1 billion.