Dalmia Nisus Finance Investment Managers LLP, an alternative asset manager of Nisus Finance Group, has exited its investment worth Rs 125 crore in two residential-led projects of realty developer Puranik Builders.
Through its Real Estate Credit Opportunities Fund-I (RECOF-I), the fund had made the investment in projects–Rumah Bali and Tokyo Bay located on Thane’s Ghodbunder Road in January 2023.
The fund has exited these projects within nine months of its investment securing a robust return of over 25% internal rate of return (IRR) owing to significant cash flows and subsequent take over by a leading asset reconstruction company.
“Our investments allow quick payouts and returns to our investors with an ability to quickly redeploy the principal to ensure a significant multiple on invested capital. Within our special situations and last mile funding strategy, we identify such strong opportunities that create value and generate outlier returns creating a win-win for all our investors, developers, and our stakeholders,” said Amit Goenka, CEO, Nisus Finance.
The fund’s investment supported accelerating the development and sales of these two projects.
Dalmia Nisus is the joint venture fund of Nisus Finance Group led by Amit Goenka and the Dalmia Group, headed by Gaurav Dalmia. This investment was made from the Rs 500 crore fund that primarily invests into structured credit and mezzanine investments across the residential space in India.
Puranik Builders has so far delivered over 6.5 million sq ft in micro markets of Thane, Pune and Mumbai Metropolitan Region (MMR).
Puranik Rumah Bali is a larger layout project spread over nearly 15 acres adjacent to Ghodbunder Road with a total development potential of 1.6 million sq ft. The project has affordable residential apartments across 40 habitable floors and commercial office spaces on the ground plus 2 floors.
Puranik Tokyo Bay is a part of a larger layout of nearly 15 acres located near Thane’s Anand Nagar locality with a total development potential of 1.6 million sq ft including affordable housing units.
The RECOF-1 fund is seeing quick exits across all its portfolio investments. This is largely supported by the robust buoyancy in sales and collections with the home buyer demand being at an all-time high especially in MMR.
The fund is likely to exit all its investments over the next 12 months, thereby having invested and returned capital within a span of four years with quarterly distributions and high returns.
Nisus Finance Group manages several alternate investment funds including RECOF-I and RECO-1 that has a corpus of Rs 1,400 crore.
Of these, RECO-1 is a real estate focussed fund that seeks to achieve superior, consistent and risk adjusted returns by making opportunistic medium term structured investments in mid-income, affordable housing, and plotted development projects.
