Gurugaon developer M3M India Pvt. Ltd has raised Rs 570 crore ($76 million) from American alternative investment manager Oaktree Capital through non-convertible debentures.
The developer received Rs 370 crore this week and will get the remaining in coming days, The Economic Times reported, citing people it didn’t identify.
The report said M3M will use the capital to finish under-construction projects.
Pankaj Bansal, director at M3M India, confirmed the development in a tweet.
The deal marks Oaktree’s first real estate investment in North India.
M3M has huge land parcels in and around Delhi-NCR. It has projects to the tune of 25 million square feet at various stages of development and planning.
Previously, the company had raised funding from Indiabulls Group and PNB Housing Finance Ltd.
M3M is developing Trump Tower with 275 luxury residences in Gurugram, one of its key projects in the portfolio.
Last year, it said it will be developing a smart city on a large land parcel it had bought from Sahara Group. It also collaborated with Sweden-based companies such as Sweco AB, Urban Tech Sweden and Urban Systems urbs AM for the project. It had said it would raise $2 billion for the project and list it on stock exchanges in Sweden.
