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Kalpataru, India – Data Centre Kalpataru, India – Data Centre

Stories

Kalpataru, India

01 The Deal

Address                     Kalpataru Paramount, Thane                                       Kalpataru Elitus & Platina, Mulund                                                          
Property Type                            Residential  Mixed Use
NLA (sqm) ~850,000 sq.ft. ~750,000 sq.ft.
Existing Lender          Standard Chartered Bank Inter-Company Debt from Parent Company      
Existing Debt INR 242 Crores INR 210 Crores
New Lender Asia Pragati Strategic Investment Fund (Hong Kong based alternative asset manager)
New Debt INR 792 Crores
Deal Structure Refinance of Existing loans plus construction finance thereby issuing secured NCD’s                                            

02 The Challenge

2020 was one of the most volatile year for real estate where the residential market which was already struggling for survival was forced to deal with the collapsed demand in the residential demand due the lockdown in the entire country and this led to a financial struggle across developers. Various boosters given by the central government and more prominently the Maharashtra government by reduction in stamp duty till Mar 2021 revived the sector significantly resulting is situations normalizing among the fraternity.

However, the rising number of cases in the country and the resultant lockdowns in some cities, started to jeopardise the recovery path of the sector resulting in the requirement of liquidity for survival. The Group had repayments due for which they needed liquidity in a shorter time frame and hence, a bridge financing solution.

03 The Solution

Cushman & Wakefield was appointed as a sole agency to achieve a financial closure for the projects. Cushman & Wakefield leveraged Kalpataru group credentials with Asia Pragati Group to secure maximum quantum thereby achieving a closure within three months

04 The Result

This is one of the largest structured financing transactions concluded in residential real estate in 2021 in India in record time of less than three months

Consultants said this deal assumes significance given the overall liquidity squeeze faced by developers as well as NBFCs.

 

 

Brokers

Saurabh-Shatdal
Saurabh Shatdal

Managing Director, Capital Markets
India


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Paras-Kapoor
Paras Kapoor

Director
Gurgaon, India


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Gaurav-Mehta
Gaurav Mehta

Associate Director, Capital Markets
West India


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Kinjal-Gada
Kinjal Gada

Manager, Capital Markets
West India


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