Phoenix group, Insurance company

Global alternative investment firm Varde Partners said on Tuesday it has provided senior construction financing on two pre-leased office assets in Gachibowli Financial District of Hyderabad.The 155 million dollars (about Rs 1,122 crore) facility will be used to refinance and fund the completion of over 2.5 million square feet across the two grade A developments owned by Phoenix Group.So far, over 1.5 million square feet has been pre-let to two multinational compes, reflecting the quality and location of the assets. Construction of both projects is well-advanced with sub-structure development complete and super-structure phases underway.Hyderabad is a recognised global tech hub with the city's financial district home to a large number of multinational tech, financial services and professional services compes. Hyderabad is one of the fastest-growing metropolitan cities in India and one of the strongest markets in the country for office absorption.Varde said it believes that India's real estate market is experiencing a significant imbalance in the supply and demand of capital, leading to many businesses with robust balance sheets seeking alternative sources of capital."We see significant opportunity across the Indian office market for both financing and purchase of assets in a market that offers potential strong cash-flow visibility, multinational tenants and strong absorption," said Tim Mooney, Partner and Global Head of Real Estate at VardePartners."India is a dramatic example but emblematic of what we are seeing across the Asia Pacific region and across the globe. We believe that a real estate cycle is upon us and while not nearly as pronounced as the cycle brought on by the global financial crisis, the opportunity set is significant and growing."Varde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested 75 billion dollars since inception and manages more than 14 billion dollars on behalf of a global investor base.The firm's investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Varde employs more than 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe.Phoenix Group is one of the leading grade A commercial office space developers which has developed more than 12 million square feet of mixed-use developments. The group has a healthy pipeline of SEZ and office space developments and has been at the forefront of developing and leasing quality office space in Hyderabad.Investment by Ascendas India Trust in the SEZ development projects and Lake Shore India Advisory in the mall projects are some of the notable strategic investments attracted by the group.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Varde provides funds of Rs 1,122 crore for two office development projects in Hyderabad

Global alternative investment firm Varde Partners said on Tuesday it has provided senior construction financing on two pre-leased office assets in Gachibowli Financial District of Hyderabad. ...