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HDFC, Arvind SmartSpaces enter strategic partnership for Rs 250 cr fund

Wednesday, 16 Oct 2019

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HDFC and realty firm Arvind SmartSpaces have set up Rs 250 crore fund to develop affordable and mid-income housing projects.

Arvind SmartSpaces, part of the Lalbhai Group, has entered into a strategic partnership with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) -- a fund managed by HDFC Capital Advisors, a wholly-owned subsidiary of HDFC. The partnership will focus on development of affordable and mid-income housing projects across the country.

The proposed developments will be undertaken by a special purpose vehicle Arvind Homes, set up with an initial investment of Rs 250 crore. Arvind SmartSpaces has about seven million sq ft of real estate development across the country. The company has real estate developments in Ahmedabad, Gandhinagar, Bengaluru and Pune.

HDFC Capital Advisors provides investment management services for real estate private equity financing and is one of the largest fund managers in the country. The company is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) and HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2).

The primary investors in the H-CARE funds include a wholly-owned subsidiary of the Abu Dhabi Investment Authority and the National Investment and Infrastructure Fund.

H-CARE 1 and H-CARE 2 combined will create USD 1.1 billion platform targeting affordable and mid-income residential projects in India's leading 20 cities. Currently, about USD one billion of investments is committed with leading developers across India in affordable and mid-income housing space.