Mumbai: Altico Capital India Pvt. Ltd, a non-banking financial company (NBFC) backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council, has disbursed a term loan facility to Guardian Developers, a fast growing Pune based developer for its under-construction residential project “Eastern Meadows” located in the growth corridor of Kharadi, Pune.
The project admeasuring 1 million sq. feet, being developed under a joint development agreement which has already been launched and the construction is in full swing. It will primarily consist of value-for-money 2BHK and 3 BHK apartments.
Mr. Sanjay Grewal, the newly appointed CEO of Altico while highlighting the transaction mentioned that, “This foray into Pune real estate market establishes Altico’s footprints in all the Tier I cities with significant migration population.” He further added, “Partnering with dynamic realty players such as Guardian Developers is in line with our investment philosophy of working with developers with proven track record and strong pipeline”.
Guardian Developers, promoted by Mr. Manish Sabade, is a growing developer in Pune, having delivered more than one million sq. feet of residential apartments in last 15 years and another 3 million sq. feet under development.
Altico more recently has successfully closed five transactions which include prominent transactions such as Rs. 725 crores investment across multiple projects of realty firm Century Real Estate Holdings Pvt. Ltd in Bengaluru and Rs. 450 crores in a South Mumbai project which is a JV between Sanjay Chhabria promoted, Radius Developers and Sumer Group. Amit Pachisia, Chief Credit Officer at Altico mentioned that “we are on course to deploy around Rs. 2500 crores by the end of the financial year 2015-16.
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