Compare Listings

Oaktree invests Rs 570 crore in realty developer M3M

Oaktree invests Rs 570 crore in realty developer M3M

Oaktree Capital Management, a US alternative investment firm, has bought Rs 570 crore of debentures from M3M, a real estate company that’s developing projects in the National Capital Region, including the Trump Tower in Gurgaon.

This is Oaktree’s first investment in real estate in the NCR.

“The investment will be in the form of non-convertible debentures. While the first tranche of Rs 370 crore has been received earlier this week, the remaining funds will be claimed as working capital. It is a debt facility which will be used for under-construction projects,” said a person familiar with the matter.

M3M did not respond to ET’s email queries by press time. Oaktree declined to comment.

M3M has over 2,200 acres of land in the NCR, which consists of New Delhi and area around the capital including Gurgaon and Noida. The company has about 25 million sq. ft. of projects under development with a construction outlay of Rs 4,500 crore.

Last week, M3M Group, which previously raised funding from Indiabulls and PNB Housing Finance, delivered two projects in Gurgaon with a total sales value of Rs 900 crore.

According to a JLL India report, institutional investment in India’s real estate sector declined 58% to $712 million during the quarter ended March from a year ago. Total investments fell 13% to $4.26 billion in FY20, the lowest in four years.

A liquidity crunch, negligible customer footfalls and low sales conversion for about two months during the lockdown put pressure on most realty developers seeking funds to complete projects or restart stalled projects.

Source

img

Axiom Landbase

Related posts

65% home buyers back in real estate market: Survey

78% of tenants seek for legal safeguards in rent agreements When people are trying to...

Continue reading
by Axiom Landbase

M3M 3D(3 Deals in 1) Offer Commercial Projects Gurgaon

After the success of now or never scheme m3m group going to launch 3D Offer i.e. "M3M 3 Deals In...

Continue reading
by Axiom Landbase

5,500 housing units get delivered in top 7 cities as lockdown eases

Delivery of projects during the prevailing challenges sends out a positive signal and helps regain...

Continue reading
by Axiom Landbase

Join The Discussion

msg us     seprator     Call    seprator    whatsapp

Bitnami