INR 75 Crore Investment in Shapoorji Pallonji JV For Bandra East Projects by Walton Street BlackSoil Real Estate Debt Fund II
- 9th Apr 2022
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Walton Street BlackSoil Real Estate Debt Fund II (WSBREDF – II) announced a Rs 75 crore investment in Vakratunda Buildcon (VBPL), a joint venture between Shapoorji Pallonji and Vakratunda Group. The funding will be used for initiatives in Mumbai's Bandra East neighbourhood.
The property, BKC 28, which consists of 150 flats, has had strong sales and consistent receivables. The Bandra Kurla Complex (BKC) and other government buildings are nearby.
"This building meets the housing requirement of executives working in BKC and delivers a value proposition at a very reasonable price,"stated Vinit Prabhugaonkar on behalf of WSBREDF II.
Shapoorji Pallonji and Vakratunda Group have partnered to form Vakratunda Buildcon (VBPL).
Vakratunda Group was founded in 1973 and has been developing residential and commercial real estate in Mumbai, Thane, Badlapur, and the MMR area in collaboration with developers such as Godrej Properties.
"Our cooperation with Walton Street BlackSoil (WSB) will enable us to leverage on this rising trend and realise our ambition of offering luxury housing options to ambitious Indians," said Nirav Dalal, business head at Shapoorji Pallonji Real Estate.
WSBREDF-II, which is scheduled to launch in June 2021, has a target corpus of Rs 500 crore and an extra green shoe option of up to Rs 250 crore. It has secured investor commitments totaling 90% of the Fund's target corpus and has invested about 45% of the Fund to date across five assets. It wants to make more investments in Tier 1 cities like as Hyderabad, Bangalore, Chennai, Pune, Mumbai, and the National Capital Region.
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