Dalmia Nisus Finance Investment Managers LLP, 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 plotting project along with Jain Heights in Bangalore, in July 2022.
Dalmia Nisus is a fund of Nisus Finance Group headed by industry veteran Amit Goenka. It is an investment from the Rs 500 cr fund that primarily invests in structured credit and mezzanine investments across the residential space in India.
The fund exited this investment within two years, securing a robust return of approximately 19% IRR. The Fund’s 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.
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.
“We have had a very high level of satisfaction working with Nisus over several transactions. They understand the projects well and have moved quickly through their innovative structures to finance them and work closely with our team to complete the project,” said Murali M, MD, Shriram Properties.
“Nisus Finance exceeded my expectations! 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 Kishor Jain, MD, Jain Heights.
Amit Goenka, CEO of Nisus Finance, stated, “Our strategy of investing in mid- and late-stage projects with strong counterparties and partners like Shriram Properties is paying rich dividends to our investors. The advent of RERA has boosted buyer confidence for quickly completing projects, allowing increased sales velocity and quick receivables.”
