Global alternative asset manager Apollo Global Management Llc has invested Rs.400 crore in Noida-based developer Logix Group through the structured debt route, in the New York-based investor’s first real estate transaction in India.
The money will be used for last-mile funding to complete the construction of four ongoing residential developments and a commercial office project in Noida, on the outskirts of Delhi.
The investment has been made from the new Asia fund that Apollo Global is currently raising to deploy capital in India, China and South-East Asia.
“This facility helps us achieve financial closure on all the group’s ongoing developments and will enable us to maximize the value of our portfolio of office and retail assets. As a result, we will deliver possession of approximately 8,400 homes to customers over the next 12 to 18 months,” said Shakti Nath, chairman and managing director, Logix Group.