BENGALURU | MUMBAI: Dalmia Nisus Finance Investment Managers LLP (Dalmia Nisus), an alternative asset manager of Nisus Finance Group, has successfully exited its investment through their Real Estate Credit Opportunities Fund – I (RECOF-I).
The Fund invested Rs 40 crore in Shriram Properties’ Chirping Ridge, a planned development project along with Jain Heights in Bangalore, in July 2022. It exited this investment within two years, securing a return of approximately 19% IRR.
The investment helped accelerate the development and sales of one of Shriram Properties’ prime projects in Bangalore, which has seen significant progress in development and sales over the last couple of years.
“Nisus understands the project well and have moved quickly through their innovative structures to finance them and work closely with our team to complete the project,” Murali, MD, Shriram Properties.
The Shriram Properties Chirping Ridge project is a plotted development spread across 21 acres in Malur Taluk, Kolar district, Karnataka, with a total potential of 5.43 lakh sq. ft.
“Their streamlined processes, efficient and responsive team, expertise, and personalised solutions made securing funds effortless, which helped accelerate and exit our project with Shriram Properties,” said Kishore Jain, MD, Jain Heights.
Dalmia Nisus is a fund of Nisus Finance Group Rs 500 crore fund that primarily invests in structured credit and mezzanine investments across the residential space in India.
“Our strategy of investing in mid- and late-stage projects with strong counterparties and partners like Shriram Properties Ltd is paying rich dividends to our investors. Our team was happy to support Shriram Properties due to its sharp focus on completing the development, affecting sales and collections, and being compliant with statutory norms. The advent of RERA has boosted buyer confidence for quickly completing projects,allowing increased sales velocity and quick receivables,” said Amit Goenka, CEO of Nisus Finance.
The RECOF-1 fund has largely exited its portfolio investments, with the remaining one investment to be exited within the next three months. It is on track to deliver 19% net IRR to its investors, with all investments successfully exited and returning capital within four years, quarterly distributions, and high returns.
Nisus Finance Group manages several AIF funds led by industry veteran Amit Goenka. RECOF – I, an AIF Category – II fund with a corpus of Rs 500 crore and Real Estate Special Opportunities Fund – I (RESO-I), with an Rs 1500 crore corpus,are focussed on investing in highly value-accretive opportunities that provide higher yield and asset cover to unlock value through structured capital within highly profitable and de-risked projects.
