JOIN USPiramal Fund Management (PFM), a part of Piramal Enterprises, has invested Rs 425 crore in a central Mumbai project being developed by Lodha Group.
PFM has committed Rs 425 crore to a project being developed by a 100% subsidiary of Lodha Developers, the flagship company of Lodha Group. The investment is towards construction of residences being developed by Lodha Group in a project with more than 5 lakh sq feet of saleable area, PFM said.
The project, which is already 40% sold, is in the midst of construction. The deal has been structured as a fixed return debt investment with periodic coupon payments, and has an appropriate security mechanism in place, including hard asset cover as well as escrow of receivables, PFM said.
“This is our first structured deal with the realty developer. We look forward to deepening our ties as we evaluate their portfolio of projects,” PFM managing director Khushru Jijina said.
“We are pleased with Piramal Fund Management’s decision to invest with us given the experience, scale and depth of their financing platform. We are constantly looking to grow our pool of credible funding partners and look forward to a long-term relationship with them,” Lodha Group managing director Abhishek Lodha said.