Private Equity

PE-RE Fund Investments

UK's Planet Holdings invests in Kolke-Patil & ASK promoted Pune JV project

Economic Times  

UK-based affordable housing company Planet Holdings has invested in a real estate project being developed by listed company Kolte-Patil Developers in Pune's Kondhwa locality. Planet Holdings and Kolte-Patil have invested INR 60 crore and INR 15 crore, respectively, in compulsorily convertible preference shares (CCPS) of Snowflower Properties, which is a special purpose vehicle that was formed by Kolte-Patil Developers and Ask Real Estate Special Opportunities Fund to develop Three Jewels, a residential and commercial project. The project's total development potential is 1.48 million sq ft. About 1.18 million sq ft of this project has already been sold. The investment will be used to redeem optionally convertible debentures worth INR 52 crore held by Ask Real Estate Special Opportunities Fund and Kolte-Patil Developers. The funds raised will also be used to retire outstanding debt of INR 23 crore.