Wadhwa Group, which is launching six new residential projects, has secured funding commitment worth Rs.2,000 crore from Piramal Fund Management to cater to the investment requirement of the upcoming projects. The investment will be made in the form of lease rental discounting that will refinance the developers existing debt facilities. The developer had availed Rs.1,200 crore debts funding through lease rental discounting at three of its commercial projects. The financing transaction is expected to be concluded shortly. The refinancing will also allow the developer to consolidate its earlier lease rental discounting finance that was availed from several banks. Piramal usually offered funds against income-producing commercial assets such as office properties, retail malls, and logistic parks. Wadhwa Group has score of commercial projects with leasing space of around 2 million sqft, mainly in Mumbai‘s secondary business district Bandra-Kurla Complex (BKC).
📅Published on:
22 January 2018
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