Dalmia Nisus Finance Investment Managers LLP, an alternative asset manager has infused Rs 60 crore in two projects managed by Shriram Properties, located in the micro-market of Bangalore's Sarjapur and Devanahalli via their Real Estate Credit Opportunities Fund- I (RECOF - I).
These investments have been done from the Rs 500-crore fund that mainly infuses into structured credit and mezzanine investments across India's residential space. Advisory Board of the Fund, Chairman Gaurav Dalmia, told the media that real estate structured capital remains an attractive asset class on a long-term risk-adjusted basis. The company is pleased to participate with Shriram Properties across its development portfolio. Dalmia Nisus is the joint venture (JV) fund of the Dalmia Group, headed by Gaurav Dalmia, and Nisus Finance, headed by Amit Goenka. Shriram Properties has been very engaged in the Bangalore market for a long period now and is well poised in developing market leadership. The company believes that collaborations such as with Dalmia Nisus Finance will additionally accelerate the pace of our existing projects and sales, said M Murali, Chairman & MD, Shriram Properties. Spread over around 13 acres, Shriram Chirping Grove is a gated community of 217 affordable villas located in the main corridor of Sarjapur. In May 2021, the project was launched and has already sold 80% of phase 1 and 43% of phase 2 in three quarters. At Devanahalli, the other investment has been made in project Shriram Rainforest phase-I, and this is a plotted development with 298 premium plots spread over 28 acres. About 78% of the project has already been sold. The company is eager to invest with Shriram Properties and believes that in the current environment, top players will continue to exhibit extraordinary development and performance. The investments are uniquely structured to make a win-win with our investee firms while mitigating idiosyncratic risks. The performance of these projects has been great in defeating all estimates on sales and collections in a short period, said Amit Goenka, Managing Partner and CEO of Nisus Finance. Image Source
