亚博体育官网首页

Ashok Piramal Group's Peninsula Land, Delta Corp and Alpha Alternatives Fund Advisors (AA Group) are forming a real estate development platform with a joint investment of Rs 7.65 billion. This collaboration signifies a new chapter for these companies in the property market. The newly formed entity will focus on two key areas: residential redevelopment within the Mumbai Metropolitan Region (MMR) and plotted development in areas surrounding Mumbai, including Alibaug, Khopoli, Karjat, and Pune. AA Group will contribute the majority share, investing up to Rs 4.5 billion through its affiliates, including Arsenio Strategies and its managed funds. Peninsula Land and Delta Corp will invest Rs 2.25 billion and Rs 900 million respectively. Additionally, Peninsula Land will leverage its expertise by providing development management services for the platform. ?This new platform will leverage the combined expertise of all parties in project selection, funding and development to unlock the value that exists in real estate today, especially for companies that have a track record of project delivery and the necessary financial resources to execute them in a timely manner,? said Rajeev Piramal, VC & MD, Peninsula Land. Beyond financial investment, Delta Corp will bring its real estate expertise to the table. Their contribution will be particularly valuable in selecting and developing projects undertaken by the platform. Separately, Peninsula Land has secured Rs 1.5 billion through optionally convertible debentures issued to AA Group's Arsenio Strategies. This funding bolsters Peninsula Land's financial position. In November 2023, Delta Corp had planned a separate joint venture with Peninsula Land, with Delta Corp holding a majority stake. However, with the formation of this larger platform, Delta Corp has decided to forego the earlier joint venture agreement. They believe the new platform offers a more prominent and financially prudent approach, while still allowing them to collaborate with Peninsula Land. Delta Corp emphasises that their core business of gaming and allied hospitality remains their primary focus. While they will be actively involved in the real estate platform, the majority of their capital expenditure and investments will be directed towards expanding their core operations. (Source: Economic Times)