Real estate credit fund Nisus Finance’s Real Estate Special Opportunities Fund – 1 (RESO-I) has made an exit from a wholly-owned subsidiary of Shapoorji Pallonji Real Estate (SPRE) with an internal rate of return (IRR) of 18.74%, marking the fund’s maiden exit.
RESO-I had invested Rs 105 crore into senior secured rated listed non-convertible debentures (NCDs) issued by Suvita Real Estate, a subsidiary of SPRE, in January 2024. These Debentures were listed in the wholesale debt segment of the Bombay Stock Exchange.
The entire NCDs were redeemed by the developer Issuer through internal accruals and capitalization by SPRE.
“This investment and its timely exit are a testimony to the rigor of our investment process to back strong counterparties like SPRE through smart structured capital. It is a win-win for all stakeholders. We look forward to our continued relationship with SPRE as they accelerate unlocking value across their development portfolio,” said Amit Goenka, CMD, Nisus Finance.
The entire NCDs was redeemed by the developer Issuer through internal accruals and capitalization by SPRE. This investment marks the first exit from Nisus Finance’s special situation fund, managed by Nisus BCD Advisors LLP.
“Partnering with Nisus Finance helped accelerate our business plan. Given our strong footing, we were able to exit the investment well before its maturity term. We look forward to continued engagement with Nisus Finance as an institutional partner for short- term structured credit,” said Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD – Shapoorji Pallonji Real Estate (SPRE).
The investment was towards a land parcel of 12.16 acres located in Pune’s Manjri Budruk, which was to assist the SPRE Group in accelerating its assets in Pune within the mid-income affordable housing space.
The land has the potential to be developed as an affordable housing mixed-use township with a saleable area of 2.1 million sq ft. This land parcel is a part of a larger layout being developed by the Shapoorji Pallonji Group.
The RESO-1 Fund of Nisus Finance focuses on highly value-accretive opportunities in real estate projects, which provide higher yield and asset cover to unlock value through structured capital in special situations, the release said.
The investment projects are profitable and de-risked within the key micro markets of seven major metros with short to medium tenures of investment.
