Global alternative investment firm PAG has entered into an agreement to extend debt worth $100 million or over Rs 743 crore to two projects of realty developer Kalpataru NSE -2.42 %, said persons with direct knowledge of the development.
One of these projects is a mixed-use development with residential and commercial components in Thane, while the other project is residential development in Mulund suburb of Mumbai. Both the developments including the first phase of Thane project have a total 1.8 million sq ft saleable area.
“Part of the funds to be received from PAG will be used for repayment of an existing loan and the balance amount will be utilised to support completion of both the projects,” said one of the persons mentioned above.
PAG, Kalpataru and transaction advisor Cushman & Wakefield declined to comment for the story.
In May, ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of the ASK Group, invested Rs 200 crore in realty developer Kalpataru’s mid-income housing project in Baner locality of Pune.
PAG is a leading Asia-focused private investment manager, with strategies including private equity, private debt, real estate and hedge funds. In May, the private equity firm invested Rs 175 crore realty developer Century Real Estate’s residential project spread over 7 acres in north Bangalore.