May 8, 2024: Real estate developer Peninsula Land, an Ashok Piramal Group company, has announced setting up of a real estate platform with Alpha Alternatives and Delta Corp. The platform will be the parties’ exclusive vehicle to undertake residential redevelopment in the Mumbai Metropolitan Region (MMR) and plotted development in and around MMR, Alibaug, Khopoli, Karjat and Pune. The platform is proposed to be funded with an aggregate amount of up to Rs 765 crore. Alpha Alternatives, Peninsula Land and Delta Corp propose to contribute up to an aggregate of Rs 450 crore (59%), Rs 225 crore (29%) and Rs 90 crore (12%) respectively. Peninsula Land will also be the exclusive development manager for all platform projects.
Rajeev Piramal, vice chairman and managing director of Peninsula Land, said, ” This announcement marks a new chapter in our growth story and is in line with our strategic roadmap to establish a position of leadership in the asset classes we pursue. This new platform will leverage the combined expertise of all parties in project selection, funding and development to unlock the value that exists in real estate today, especially for companies that have a track record of project delivery and the necessary financial resources to execute them in a timely manner. Our experience of delivering a wide range of projects in residential real estate and plotted developments coupled with the ability to sell inventory from affordable housing to ultra luxury apartments has led us to developing a good depth and breadth of capabilities which now along with a funding platform will enable us to create value for all our stakeholders.”
Peninsula Land has also raised Rs 150 crore via optionally convertible debentures (convertible into equity shares of Peninsula Land). The investment is being made by Arsenio Strategies, which is an affiliate of the multi-asset class asset management firm Alpha Alternative Holdings.
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