March 12, 2024: Real estate investment and advisory company Certus Capital has invested Rs 130 crore in two commercial real estate projects in Pune for its secured bonds platform, Earnnest.me. The projects are being developed by real estate developer Mittal Brothers. The investment, in the form of secured debentures, offers approximately 15% fixed return (IRR), with significant principal cover through underlying cash flows.
The investment is in line with Certus Capital’s aim to invest Rs 500 crore by FY24 and Rs 1,000 crore investment by FY25 through Earnnest.me. One of the projects has witnessed significant sale and leasing interest. The retail levels of this project are operational and occupied by brands such as Pantaloons, McDonald’s, Max and Nonna’s Pizza Chain.
Ashish Khandelia, founder, Certus Capital, said, “We believe it is imperative for India to develop its bond markets to achieve the true potential of our economy. And, it is even more important for capital-intensive sectors such as real estate. Through Earnnest.me, Certus Capital is playing the role of a market maker for real estate debt capital markets.”
In January 2024, Earnnest.me exited its debut investment in the affordable housing sector at the promised 16.1% net return one year ahead of the scheduled maturity due to strong project performance. It has also consolidated its position in the premium boutique residential project of realty developer EON Group at Prabhadevi, Mumbai, by buying out its 50% partner in that investment.
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