Paranjape Group to invest Rs 105 cr in two housing projects

Walton Street BlackSoil Real Estate Debt Fund II (WSBREDF-II) will pump in Rs 105 crore in two under-construction mid-income housing projects of Pune based real estate company Paranjape Group.

The investment 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 operating SEZ of about 3 million sq ft, the firm told the media.

Vinit Prabhugaonkar, the Managing Partner at Walton Street India Real Estate Advisors Pvt Limited, told the media that this mid-income residential development aptly fits their fund's investment mandate, and they continue to seek more opportunities in this space across essential metros, beaming with enhanced buyer sentiments led by favourable policies, relatively steady costs and all-time low-interest rates.

Since 2013, and before the launch of WSBREDF-II, Walton Street Capital India and BlackSoil have together placed over Rs 1,500 crore of debt capital across over 50 real estate deals. Recently, BlackSoil and the former India-based management team of US real estate investment advisor Walton Street Capital, LLC (Walton Street Capital) joined forces to procure Walton Street India's real estate debt business.

The India management team is directed 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, LLC.

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