Private Equity

PE-RE Fund Investments

Realtor M3M secures Rs.1,500-Cr debt from alternative investment firm PAG Credit & Markets

Economic Times  

Gurugram-headquartered realty developer M3M has raised INR 1,500 crore (about USD 200 million) debt facility from alternative investment firm PAG Credit & Markets to fund its portfolio growth. The funds will come in four tranches of INR 600 crore, INR 300 crore, INR 250 crore and INR 350 crore and be paid back within 18 months. M3M recently closed two land transactions--in Noida and Panipat--with a combined acquisition value of more than INR 2,200 crore. Both projects are expected to be launched within a month. The developer is trying to close two more land deals which will together cost INR 1,300–1,400 crore. With this, M3M aims to build a portfolio of 10 million square feet in one year with a topline of about INR 16,000 crore. The company is expected to close FY23 with sales of INR 10,000 crore.