Left Menu
Development News Edition

Assetz Property Group to raise up to $250 mn in Q1 FY21

PTI | Mumbai | Updated: 01-07-2019 16:35 IST | Created: 01-07-2019 16:30 IST
Assetz Property Group to raise up to $250 mn in Q1 FY21
Image Credit: Pixabay

Singapore-headquartered property developer, Assetz Property Group plans to raise up to USD 250 million by the first quarter of next fiscal with a focus on the mid-segment residential portfolio, a top company official said. Last year, Assetz had raised Rs 900 crore from financial institutions including Altico Capital, HDFC Bank and Aditya Birla Finance to expand its residential portfolio in Bengaluru.

In the last three years, the firm has successfully raised money from investors like Equis Funds Group, Apollo Global Management, JLL Segregated Funds group and Avenue Venture Partners. "The company is also exploring emerging asset classes like co-living spaces, data centres and protect, although it is still in the phase of identifying the right business model and partnerships," Assetz Property's CEO and Co-Founder Ben Salmon told PTI over an email interaction.

"After establishing ourselves as a leading player in Bengaluru with a portfolio of large-scale, mixed-use residential townships, luxury apartment developments and eco-designed row houses, our next stage of growth will be through an equity venture focused on mid-segment residential for sale to scale the platform. We are targeting a USD 200-250 million capital raise by first quarter next year," he said. Salmon further said the company is well placed to take advantage of the stress being witnessed in the debt market.

"As we consolidate our position in the market, we will continue to focus on Bengaluru, which accounts for 18-20 per cent of the residential absorption in India every year," he said. Assetz Property currently has a portfolio of 12 million sq ft, which is already funded and tied-up and has identified another 5 million sqft of projects, which are under various stages of acquisition.

"In the next two years, our residential portfolio will increase to 17 million sqft," he said. "We will continue to partner with high-quality institutional capital in select sectors while expanding and improving our delivery quality within our core sectors of residential, including a focused programme of specifically built co-living, and warehousing," Salmon said.

He said the company has also embarked on the warehousing expansion plans across five key markets with a development pipeline of over 10 million sqft. In August 2017, Sydney-headquartered LOGOS Group raised USD 400 million and entered into a partnership with Assetz 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 USD 1 billion. After establishing our warehousing business in India with Logos, we have completed two transactions with one each in Tamil Nadu and the NCR region, with over 2 million sqft of operating assets, and a considerable development pipeline. Our near term transactions will be focused in cities like Bengaluru and Mumbai, he added.


TRENDING

OPINION / BLOG / INTERVIEW

Uganda COVID-19 response: Was off to a good start but reopening dwindled prospects

Uganda has shown success in using health information to enhance efficiency of disease surveillance, reporting and monitoring. The success, however, has critical challenges confronting it as the country resumes normal activities....

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Videos

Latest News

NIA raids NGOs, trusts in Kashmir, Delhi in connection with terror funding case: Officials

The National Investigation Agency NIA, after choking the funding of separatists groups, is investigating registered and unregistered NGOs operating in and out of Jammu and Kashmir, and carried out fresh raids on some more organisations on T...

BP pitches for infra sharing with cos like ONGC; sanctity of contract

Ahead of starting the next wave of gas production from the KG basin, UK-based supermajor BP Plc has pitched for oil and gas producers sharing their infrastructure to help cut costs and monetise small and marginal discoveries. BP, which in p...

Three dead as woman beheaded in France, gunman killed in second incident

A knife-wielding attacker shouting Allahu Akbar beheaded a woman and killed two other people in a suspected terrorist act at a church in the French city of Nice on Thursday, while a gunman was shot dead by police in a separate incident. Wit...

ED arrests Bineesh Kodiyeri in drugs PMLA case

Bineesh Kodiyeri, son of Kerala CPIM leader Kodiyeri Balakrishnan, was arrested by the Enforcement Directorate on Thursday in connection with a drugs-related money laundering case, official sources said. They said Bineesh was arrested under...

Give Feedback