Walton Street BlackSoil Real Estate Debt Fund II (WSBREDF–II) will invest Rs 105 crore in two under construction mid-income housing projects of Pune based realty firm Paranjape Group.
The fund has a target corpus of Rs 500 crore and a green-shoe option of up to Rs 250 crore.
Both these projects are part of Paranjape group’s township Blueridge, which is spread over 138 acres. The township has an operational SEZ of around 3 million square feet, the company said in a statement.
Vinit Prabhugaonkar, Managing Partner at Walton Street India Real Estate Advisors Pvt Ltd, said: “This mid-income residential development aptly fits our fund’s investment mandate, and we continue to seek more opportunities in this space across key metros, beaming with improved buyer sentiments led by favourable policies, relatively steady prices and all time low interest rates.”
Since 2013, and prior to the launch of WSBREDF-II, Walton Street Capital India and BlackSoil have jointly placed more than Rs 1,500 crore of debt capital across more than 50 real estate transactions.
Recently, BlackSoil and the former India-based management team of US real estate investment advisor Walton Street Capital, L.L.C. (Walton Street Capital) joined forces to acquire Walton Street India’s real estate debt business.
The India management team is led by Kaushik Desai, Vinit Prabhugaonkar and Vimal Jangla.
As a result of the buyout, WSBREDF-II is no longer affiliated with or advised by affiliates of Walton Street Capital, L.L.C, the statement said.