Walton Street Blacksoil Real Estate Debt Fund II (WSBREDF – II) has invested Rs 165 crore in Sowparnika Homes (Sowparnika Projects) for a portfolio of projects primarily across Bengaluru, the company said in a media release.
These projects cater to mid-income/affordable segment with an average ticket size of Rs 50 lakh.
Vimal Jangla on behalf of WSBREDF II said, “This funding shall facilitate the delivery of ~2,750 homes in mid-income and affordable housing category. We endeavour to support such developers having a proven track record in ensuring timely delivery of project without any compromises.”
Sowparnika Projects have built more than 5 million sq ft having more than 7,500 homes and currently ~4,500 more homes spread across 4 million sq ft are under development. It has presence in Bengaluru, Kerala and Tamil Nadu.
WSBREDF II claims to have already crossed its target fund size of Rs 500 crore. With this investment, two-thirds of the target fund size has already been committed across seven investments.