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Dalmia Nisus Finance infuses Rs 80 cr in two realty projects

Wednesday, 04 Aug 2021
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Dalmia Nisus Finance has invested around Rs 80 crore in two real estate projects in Chennai and Bengaluru being developed by Puravankara and Shriram Properties. The company is also in process of closing three more investment of Rs 125 crore.

Dalmia Nisus Finance Investment Managers, an alternatives manager, has invested this amount from its Real Estate Credit Opportunities Fund - I (RECOF - I).

Dalmis Nisus is the joint venture (JV) fund of Nisus Finance headed by industry veteran Amit Goenka and the Gaurav Dalmia Group.

These maiden investments are part of the Rs 500 crore RECOF-1 Fund that primarily invests into structured credit and mezzanine investments across the residential space in India. RECOF-1 fund had announced its first close in March 2020.

The first transaction with Purvankara for a plotted development in Chennai, Tamil Nadu while the second one is towards Tanmathra Aquarelle's new gated community project, being development managed by Shriram Properties.

This project, called Shriram Chirping Grove, is being developed by Shriram under a Development Management (DM) arrangement, for Tanmanthra.

Shriram Chirping Grove is a gated community project in South Bengaluru, Karnataka was launched in May 2021 and has received encouraging response with over 40 percent of current phase sold already in less than two and half months.

The fund is currently in the process of closing three more investments for Rs 125 crore in Mumbai, Pune and Bengaluru.


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