Altico to invest ₹130 crore in NCR, Mumbai projects.

NBFC Altico has closed two deals aggregating ₹130 crore in NCR and Mumbai.

The first investment, of ₹50 crore, is in Noida-based Lotus Greens Group's residential project named Arena I. The project is part of a larger sports city development in Noida.

The funding proceeds will be utilised in the construction of the project. 'Through this transaction Altico Capital has strengthened its existing relationship with Lotus Greens. It had in the recent past funded the group for a 300-acre Sports City project in Sector-150, Noida, wherein, it invested ₹450 crore along with a co-lender,' said a press release.

Altico CEO Sanjay Grewal said: 'We believe that it will take some time for sales to pick up in NCR and therefore will be very deliberate in putting capital to work in this market.

'We will look at last mile financing for projects in advanced stages of construction and sales. We will also evaluate and fund projects wherein credible corporate houses such as Godrej have tied up, under joint development arrangements, with existing land owners and developers to market and construct projects under their corporate brands.'

The company has also closed a ₹80-crore transaction with Mumbai-based Shree Sai Group for a residential project named The Nest in Andheri West.

The project is being developed in a joint venture with Wadhwa Holdings. Shree Sai will use the proceeds of the funding to refinance existing debt and to finish project construction.

Altico is an NBFC headquartered in Mumbai with a focus on senior secured lending to residential projects across tier I cities. It is backed by financial sponsors including Clearwater Capital Partners, Abu Dhabi Investment Council and Varde Partners.

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