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Shriram Properties builds south portfolio worth Rs 1,700-cr
The Economic Times  |  April 24, 2019

Sobia Khan ET Bureau Bengaluru

Shriram Properties has tapped firms such as Mitsubishi Corp and LIC Housing Finance to raise around Rs 1,700 crore over the past year to build a portfolio of real-estate projects in the south.


Some other funds that either invested or committed investments to Shriram Properties include ASK Fund Advisors and Kotak India Affordable Housing Fund-I.


“The money has been raised to invest across affordable to mid-income projects that are either under construction or due to be launched,” said Murali M, CMD, Shriram Properties.


The realtor has aggressively acquired stressed residential assets in the south. It acquired 11 stressed residential assets, totaling 14mn sft. These acquisitions include one from Edelweiss Group’s NBFC arm.


“There are many such deals in the market and they give an opportunity to scale up faster,” said Murali.


Shriram Properties has a total 54.87 million sft either under construction or in the pipeline, across 31 projects.


Shriram Properties, which is expected to raise around Rs 1,000 crore through an IPO, gave exits to Motilal Oswal Real Estate Fund and Amplus Realty fund recently. “Investors had made an average return of 1.9 times across their investments,” he said.