Varde Partners invests Rs 440 cr debt in real estate developer Omaxe
- ByStartupStory | April 28, 2022
Omaxe, a real estate development company, announced on Tuesday that it had raised Rs 440 crore in debt from Varde Partners, an alternative investment group. The funds will be used to speed up the building and delivery of the company’s projects, as well as to expand its operations. Integrated townships are now being developed in New Chandigarh, Lucknow, Ludhiana, Indore, and Faridabad.
The company is also working with the North Delhi Municipal Corporation (NDMC) in Delhi on a multi-level parking and commercial project under the PPP (public-private partnership) concept. It is expected to be delivered this fiscal year, according to the statement.
Omaxe was founded by Rohtas Goel in 2001 and ventured into the real estate market in 2007. It currently operates in 27 locations across eight states, with a product range that includes hi-tech townships, integrated townships, group housing, shopping malls, office spaces, and a hotel.
Varde Partners, an Omaxe investor, was founded in 1993 and has since invested over $90 billion and manages over $13 billion on behalf of a global investor base. Corporate and traded credit, real estate and mortgages, private equity, and direct lending are all areas in which it invests. Varde Partners has made over $2 billion in investments in India. They provided a $55 million senior construction financing facility for two Phoenix Group pre-leased office developments in Hyderabad last year.
Omaxe claimed it has repaid net Rs 550 crores to lenders as principal payments in the last two financial years, reducing its debt from Rs 1400 crore to Rs 850 crore. Omaxe sold homes worth Rs 1155 crore in the first nine months of FY 2021-22, according to the statement.
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