September 26, 2023: Dalmia Nisus Finance Investment Managers (Dalmia Nisus), an alternative asset manager of Nisus Finance Group has successfully exited its investment through their Real Estate Credit Opportunities Fund – I (RECOF-I). The fund had committed an investment of Rs 125 crore in two projects of Puranik Builders – Rumah Bali and Tokyo Bay located at Ghodbunder Road, Thane in January 2023.
Dalmia Nisus is the joint venture fund of Nisus Finance Group headed by Amit Goenka and the Dalmia Group, headed by Gaurav Dalmia. This is the investment from the Rs 500 crore fund that invests into structured credit and mezzanine investments across the residential space in India.
The fund has exited this investment within nine months of its investment securing a robust return of over 25% internal rate of return (IRR) due to the significant cash flows and subsequent take over by a leading ARC. The fund’s investment was used to accelerate the development and sales of the projects -Rumah Bali and Tokyo Bay in Thane, which has seen significant progress in development and sales over the last three quarters.
Puranik Rumah Bali is spread across of 15 acre adjacent to Ghodbunder Road with a total development potential of 1.6 msf. The project has affordable residential product mix with concept of Balinese garden and stay home units. The project has commercial office spaces on the ground + 2 floors plus 40 habitable floors of 1 and 2 BHKs.
Puranik Tokyo Bay is spread across 15 acre and is located near Anand Nagar, Thane West with total development potential of 1.6 Mn sq. ft. The project has affordable residential product mix offering Zen approach to the lifestyle away from chaos and stress of urban life. The Phase II and Phase III has 3 Lower Grounds plus 40 habitable floors with unit configuration of 1 BHK, 1.5 BHK and 2 BHK with sufficient open space in units.
Amit Goenka, CEO, Nisus Finance, said, “Our investments allow quick payouts and returns to our investors with an ability to quickly redeploy the principal to ensure a significant multiple on invested capital. Highly collateralised cash flows backed investments with parties like Puraniks, ensures fast exits. We have no constraint in allowing for sooner exits since our pipeline can quickly redeploy the capital, once the utility of our financing has been achieved in the target project.”
The RECOF-1 fund is seeing quick exits across all its portfolio investments. This is largely fuelled by the strong buoyancy in sales and collections with the home buyer demand being at an all time high especially in MMR.
The fund is likely to exit all its investments over the next 12 months, thereby having invested and returned capital within a span of four years with quarterly distributions and high returns.
Nisus Finance Group manages several AIF funds aimed. RECOF – I, RECO -1, an AIF Category – II fund, registered with SEBI, with a corpus of Rs 1,400 crore is a real estate focussed fund which seeks to achieve superior, consistent and risk adjusted returns by making opportunistic medium term structured investments in mid-income, affordable housing and plotted development projects.
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