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PE Player Actis attains share in Vaishnavi Infrastructure venture

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Vaishnavi Infrastructure – Bangalore based realty developer has taken an input of USD 25 Million from PE Funds investor Actis for its Rs. 350 Crores Bengaluru venture. The progress of the investment will finance the construction & development of about 925,000 Sq.ft of rich housing and retail space at Yeshwanthpur in Bengaluru suburb. This is the initial investment by Actis India Realty Fund and USD 300 Million fund has been sponsored by Actis.
T R Srinivas director said to www.propertykhazana.com that, “Actis has received a large marginal share in Vaishnavi’s Bangalore venture where it is located at the perfect place. With recent real estate market situation PE players wish to invest in ventures as they may get the correct appraisal.”
With the topical puzzlement in the realty market, it is emerging to be hard for realtors to lift debt from banks. Many Industrialists considers that many developers are paying interest of about 30% for the new loans. At present, New Delhi based Unitech is selling its 50% share in the initial phase of its Mumbai venture near Bandra-Kurla complex to Lehman Bro’s for USD 175 Million. But, one more Delhi based Parsvnath Developers has no liquidity issues for its present venture.
Parsvnath Developers chairman, Pradeep Jain said to www.propertykhazana.com that, “I have Rs. 300 Crores in FD and about Rs. 500 Crores unused and approved debts are accessible with us. I do not witness any liquidity issues and I am in relaxed situation. The average cost of the fund is about 12% for Parsvnath.”

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