Foreign
VARDE Partners, a leading global alternative investment firm, today announced it has provided senior construction financing on two pre-leased office assets in the Gachibowli Financial District of Hyderabad, India.
The $155 million facilities will be used to refinance and fund to completion of over 2.5 million
square feet across the two Grade A developments owned by Phoenix Group. To date,
over 1.5 million square feet have been pre-let to two multi-national companies, reflecting
the quality and location of the assets.
Construction of both projects is well-advanced, with sub-structure development complete and super-structure phases underway Hyderabad is a recognized global tech hub, with the city’s financial district home to a large number of multi-national tech, financial services and professional services companies.
Hyderabad is one of the fastest-growing metropolitan cities in India and one
of the strongest markets in the country for office absorption.
Värde believes that India’s real estate market is experiencing a significant imbalance in
the supply and demand of capital, leading to many businesses with robust balance
sheets seeking alternative sources of capital.
“We see significant opportunity across the Indian office market for both the financing
and purchase of assets, in a market that offers potential strong cash-flow visibility,
multinational tenants and strong absorption,” said Tim Mooney, Partner and Global
Head of Real Estate at Värde Partners.
“India is a dramatic example, but emblematic of what we’re seeing across the Asia Pacific region, and across the globe. We believe that a real estate cycle is upon us and while not nearly as pronounced as the cycle brought on by the global financial crisis, the opportunity set is significant and growing.”
– Apr. 08, 2021 @ 17:42 GMT
Tags: India Värde funds $155m for 2 office developments in Hyderabad
