DHFL sells wholesale loan worth Rs 1,375 cr to Oaktree for reduction in finance book
Mortgage lender Dewan Housing Finance (DHFL) has sold Rs 1,375 crore (USD 194 million) of the wholesale loan to the global alternative investment management fund Oaktree. The transaction is structured under the securitization guidelines of the Reserve Bank, the company said in a statement Tuesday.
"We have consummated the transaction and it will reduce our project finance book by about 8 per cent. We will continue to focus on growing our retail franchise," chairman and managing director Kapil Wadhawan said. The transaction involves securitization of wholesale real estate project finance loans with security over a near- complete residential project in Mumbai.
"This transaction is representative of how we methodically apply our multi-asset class, structuring, underwriting, investing and restructuring expertise to partner with Asian financial institutions to help them meet their objectives," Oaktree said. The transaction represents one of the largest investments in the country's residential real estate by an institutional investor. Oaktree specialises in alternative investments and has USD 124 billion assets under management.
(With inputs from agencies.)
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