Mantri Developers has raised Rs. 165 crore from Piramal Fund for two projects

Q: The money has been raised for financing two projects, including a residential property in Manyata Tech park in Bengaluru.

david.m,

23rd December 2015

Real estate News in Mumbai

manyata tech park

mantri developers

piramal fund management

residential property in manyata tech park

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Hi folks,
As slow property market over the past 3 yrs. has offered private equity and institutional investors an opportunity to buy assets at attractive valuations in markets including Bengaluru, Mumbai and Delhi/NCR. Private equity players are invested heavily in Indian Real Estate. This could be the golden period for PE investments to invest further as the opportunities are being offered are huge.

Dev Patel, Mumbai

23rd December 2015

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Hi Nakul,
I have a little information on it. These two projects are the largest such commercial complex in Bengaluru. One of them is Mantri Energia which is spread across 13 acres and will offer about 1200 apartments, while Mantri Lithos will offer apartments and penthouses spread across eight towers.

Abhishke Karule, Mumbai

23rd December 2015

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Thanks for the information Abhishek,
Piramal Fund Management is also looking to expand assets under management to Rs 22000 crore by the end of March from Rs 18000 crore, which includes Rs 5000 crore equity.

Nakul Sachdev, Bangalore

23rd December 2015

@Nakul,
Piramal Fund has actively invested in the Bengaluru property market. In October, it invested Rs. 725 crore along with Altico Capital in a clutch of projects of Bengaluru-based Century Real Estate. The fund put in Rs. 80 crore in Salarpuria Group, another Bengaluru-based builder, for its residential project.

Abhishke Karule, Mumbai

23rd December 2015

Yes, and the Ozone Group recently raised Rs 575 crore from Piramal Fund Management through a structured transaction for a township project, Ozone Urbana, coming up in north Bengaluru.

Nakul Sachdev, Bangalore

23rd December 2015

Residential property in Manyata Tech Park in Bengaluru has received Rs. 100 crore. But they didn't disclosed about the other project but it has raised Rs. 65 crore.

Furthermore, Piramal Fund Management confirmed it has invested in Mantri Group's two projects but didn't share more details.

Nakul Sachdev, Bangalore

23rd December 2015

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