Aevitas Property Partners, a Netherlands-based real estate fund, has agreed to make an investment of Rs 201 crore ($30 million) across mid-income and affordable housing projects of New Delhi-based real estate developer DASNAC Holdings, the company said in a statement.
The proceeds will be used to promote affordable and mid-income housing projects through acquisitions and also to fund construction of the company’s ongoing projects. The transaction is expected to close during this financial year and will involve subscription of Bombay Stock Exchange (BSE)-listed debt securities of E-Homes Infrastructure, a special purpose vehicle of DASNAC Holdings, the firm said.
DASNAC counts The Jewel of Noida as a key property in its portfolio and claims to have delivered 15 Million sq ft of property across Delhi-NCR.
Aevitas Property is headed by Glenn Aaronson, a veteran global real estate investor. It currently has a total allocation of $1.2 billion from US pension funds for its global real estate strategies, spread across three continents and executed through six specialised investment platforms. Aevitas has made real estate investments in the UK, Western, Central and Eastern Europe, Morocco and India.
Aevitas entered India through its dedicated investment platform - Kautilya Finance which is headed by Shiv Wallia, a private equity and debt market specialist who previously worked with JP Morgan and Merrill Lynch.
Kautilya Finance has been actively scouting for transactions in the market over the last couple of years. Debt has been the flavour of the season in real estate market as developers go for multiple rounds of refinancing to stay afloat in the market. As reported by VCCircle, it has backed North-based developers such as Shree Vardhman Group and Saha Group for their residential projects. It was also in talks with Noida-based KW Group for a deal worth Rs 70-90 crore.
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