Altico Capital to pump in 990 cr in commercial realty this year
Altico Capital to pump in 990 cr in commercial realty this year
besides the $400 million to be deployed in mid-income and affordable housing segments, Altico Capital is also looking to pump in $150 million (Rs 990 crore) in commercial office properties and infrastructure sector over 12 – 18 months.
Altico plans to raise Rs 2,000 crore through a mix of instruments and funding sources that include bank lines, commercial paper and non-convertible debentures (NCDs) under the leadership of Dhruv Jain as its chief financial officer, who was earlier with Milestone capital.
“There is a requirement of $15 billion of funds in real estate every year and scope for everybody,” said Sanjay Grewal, chief executive officer at Altico Capital. The NBFC is promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners.
“Altico will concentrate on extending credit to promoters, who have a track record of developing and leasing office space for early stages of development and construction financing as opposed to the late-stage lease rental discounting transactions,” Grewal said.
