Singapore-based real estate developer Assetz Property has planned to expand its residential portfolio in Bengaluru. For this purpose, the company has raised Rs 1,000 crore from financial institutions including Altico Capital, HDFC Bank, and Aditya Birla Finance.
According to company officials, the group will use this money to develop about 17 million sq ft of space of residential projects across Bengaluru. It will include 10,000 units priced between Rs 3,700 per sq ft and Rs 10,000 per sq ft.
Elaborating the above information, Akshay Dewani, chief executive officer (residential), Assetz Property said, “We have raised all the money in the last six to nine months which includes Rs 900 crore of the total fund and an additional Rs 100 crore is in the process,”
“The bulk of the investment will go into development of Rs 5,000 per sq ft projects,” Dewani added.
Earlier the group has raised money from investors like Equis Funds Group, Apollo Global Management, JLL Segregrated Fund, and Avenue Venture Partners.
Last year in August, Sydney-based 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.
Established in 2006, Assetz Property Group is one of the top real estate property developers in Bangalore. The company has its headquarters in Singapore and is a multi-faceted real estate development and asset management company with four business verticals: Commercial, Residential, Warehousing, and Fund Management.
The group has developed two landmark IT tech parks in Bangalore namely Vrindavan Tech Village (now Embassy Tech Village) – India’s first Platinum LEED certified IT SEZ and Global Technology Park.