Equis Funds Group invests $116M in Bangalore-based developer Assetz

Bangalore: A Singapore based energy and infrastructure investment firm, Equis Funds Group has invested $116 million (Rs 720 crore) in Bangalore based real estate developer Assetz property group in order to support infrastructure developments of APG’s mid income housing project in India until 2020, according to the Times of India recent report.

Equis Funds Group is an Asia focused investment firm started in 2010 by the former Asian Development Bank and Macquarie executives to access the investment opportunities all over Asia. By exceeding its initial target of $500 million, the firm has closed its first PE fund at $647 million in 2012. The Chief Executive Officer, former senior managing director with the Macquarie Group David Russell says that; “our amalgamation with the Bangalore based real estate developer for providing housing for mid income people will allow us to adopt many challenges”.  

The proceeds from the fund will be utilized by the Assetz group for developing confined infrastructure for APG, large township project to provide mid income housing with all the amenities such as localized shopping malls, recreation facilities, schools, health care centers, public amenities and many others. The project is spread over 20 million sq ft, the current plan is for developing 20,000 residential units.

In the last few months, a group of the reputed players has raised its names in the space, to push the PM Modi’s ambitious plan to provide housing for all by 2022.  Among them few are Shapoorji Pallonji & Company Ltd (SPCL) and Brick Eagle co-founder led Olympia Infrastructure and Supertech in collaboration with HUDA. Few of the existing players are Mahindra Lifespaces, Tata Value Homes and budget Housing Corporation.

The aim of providing housing for the mid income group and lower income group is expected to provide the development and growth in capital of the companies. The Assetz Group so far completed 3.2 million sq ft, leased 2.9 million sq ft and has an assortment of 6.8 million sq ft which is under construction.