Private Equity

PE-RE Fund Investments

HDFC Capital to invest Rs.600-Cr in housing platform with Arvind SmartSpaces

Mint  

HDFC Capital Advisors, the investment manager of HDFC Capital Affordable Real Estate Fund–3 (HCARE–3), will invest INR 600 crore in a INR 900 crore residential development platform with Arvind SmartSpaces Ltd (ASL), the Ahmedabad-based real estate arm of Lalbhai Group. The funds will be used for the acquisition of new projects for residential development in Ahmedabad, Bengaluru, Pune and Mumbai Metropolitan Region (MMR). ASL will set up a separate special purpose vehicle (SPV) to house the projects under this platform, which is expected to create overall revenue of INR 4000-5000 crore, excluding reinvestment potential. Last year, ASL raised INR 85 crore from H-CARE-1. In 2019, ASL and HCARE-1 had set up an INR 250 crore residential joint venture to develop mid-income and affordable housing projects.