March 7, 2024: Real estate consulting firm, Colliers India, recently assisted Stans Buildtech Homes in securing financing of Rs 160 crore from SWAMIH Fund, for its SRA project Sky Annex. Managed by SBICAP Ventures, Sky Annex, located in Chembur, Mumbai, was taken over by Stans Buildtech in 2016 and has been under development since.
According to the official statement, a legacy of issues involving tenants, flat buyers, approvals and lack of suitable financing to meet requirements led to the project being stalled, and is now set to resume, following the deal.
“This deal exemplifies SWAMIH Fund’s commitment to understanding and resolving complex real estate situations. By providing solution capital, we are not only unlocking value for various stakeholders but also fulfilling our objective of supporting homebuyers. This transaction enhances our position as a key player in the Indian real estate market”, says Suresh Kozhikote, managing director & CEO, SBICAP Ventures.
“At ‘Stans Buildtech Homes’ our foremost objective, supported by the SWAMIH fund, is to guarantee the punctual completion of the project. Colliers has been instrumental in achieving this collaboration”, says Azizur Rehman Momin, Managing Director, Stans Buildtech Homes.
The Colliers team actively engaged with all stakeholders and ensured that the business needs of all parties involved were met. They played a significant role in persuading the borrower to grant institutional funding by curating an investment structure and working on governance and reporting requirements, mentioned the statement
“We are delighted to play an active role in a financing transaction which involved working on a situation which unlocked value for various stakeholders including landowner, developer, tenants, flat buyers. We worked closely with SWAMIH Fund to structure a financing solution. At Colliers, we are specifically working on Special Situations with our ability to structure innovative solutions to unlock value, resolve deadlocks, participate in IBC cases across markets in India”, says Piyush Gupta, managing director, Capital Markets & Investment Solutions for Colliers India.
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