{"id":4080,"date":"2022-04-27T08:44:06","date_gmt":"2022-04-27T08:44:06","guid":{"rendered":"https:\/\/www.omaxe.com\/blog\/?p=4080"},"modified":"2024-02-02T10:40:04","modified_gmt":"2024-02-02T05:10:04","slug":"omaxe-secures-rs-440-cr-funding-from-varde-partners","status":"publish","type":"post","link":"https:\/\/www.omaxe.com\/blog\/omaxe-secures-rs-440-cr-funding-from-varde-partners\/","title":{"rendered":"Omaxe secures Rs 440 cr funding from V\u00e4rde Partners"},"content":{"rendered":"\n

In the last three decades, Omaxe<\/a> <\/strong>has built a reputation among homebuyers, investors and financial institutions based on strong fundamentals & financial discipline, quality construction, consistent delivery and a healthy return on investment.<\/p>\n\n\n\n

It is no surprise that the company has over the years delivered some of the most stunning projects and catered to all income groups, across a vast geography, for their housing, working, entertainment and leisure.<\/p>\n\n\n\n

In a historic announcement, the company said that it has raised Rs 440 crore from V\u00e4rde Partners<\/strong>, a leading global alternative investment firm for expediting construction and delivery of its projects as well as for expansion.<\/p>\n\n\n\n

The Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore and Faridabad. It is also developing a multilevel parking cum commercial project in PPP model with North Delhi Municipal Corporation in Chandni Chowk<\/a><\/strong>, Delhi which is scheduled for delivery in this fiscal. Omaxe has so far delivered approx. 127.89 million sq. ft. (till December 2021) in real estate and construction contracting.<\/p>\n\n\n\n

Mr. Atul Banshal, Director Finance, Omaxe Ltd. said: \u201cWe will double down on investments in the cities driving our growth to develop new-age and world-class residential, commercial and retail destinations. We are not doing just this one transaction with V\u00e4rde but looking to create a long term partnership across projects\u201d.<\/p>\n\n\n\n

In last two financial years, Omaxe has repaid net Rs. 550 Crores to lenders as principal payment and reduced its debt form Rs. 1400 Crores to Rs. 850 Crores. Omaxe has sold properties worth Rs.1155 crores in the first nine months of FY 2021-22.<\/strong><\/p>\n\n\n\n

Tim Mooney, Partner and Global Head of Real Estate at V\u00e4rde Partners, said: \u201cWe welcome the opportunity to establish this partnership with Omaxe, and help support the development and growth of the company\u2019s extensive real estate portfolio, adding \u201cThis deal reflects our continued belief in what we see as a significant, scalable opportunity set across the Indian real estate market and our ongoing commitment to investing in India.\u201d<\/p>\n\n\n\n

V\u00e4rde Partners has 28 years of experience investing in real estate<\/strong><\/a> and credit markets and originated over $5 billion in commercial real estate loans globally since 2017. The firm opened its Mumbai office in 2018 and has invested more than $2 billion in India. Omaxepossesses a diversified product portfolio that includes Hi-Tech Townships, Integrated Townships, Group Housing, Shopping Malls, Office Spaces, SCOs and Hotel. It is currently undertaking 21 real estate projects \u2013 3 Group Housing, 12 Townships, 6 Commercial Malls\/office spaces\/Hotels\/ SCOs.<\/p>\n\n\n\n