Peninsula Land Secures Rs 150 Crore Funding to Establish Rs 765 Crore Real Estate Platform

Peninsula Land raised Rs 150 crore via debentures and will establish a Rs 765 crore platform for projects. The platform, funded by Alpha Alternatives, Delta Corp, and Peninsula Land, will focus on redeveloping residential properties in MMR and plot development in nearby areas. Peninsula Land will be the development manager. This strategic move aligns with the company's growth plan and will leverage the expertise of all parties to unlock real estate value.

Realty firm Peninsula Land Ltd on Wednesday said it has raised Rs 150 crore through the issue of debentures and will also set up Rs 765 crore platform to develop projects.

In a regulatory filing, the company informed that it has raised the amount through the issue of optionally convertible debentures (convertible into equity shares).

The investment is being made by Arsenio Strategies, which is an affiliate of Alpha Alternative Holdings, a asset management firm.

The company is also setting up a Rs 765 crore real estate platform with Alpha Alternatives and Delta Corp Ltd.

The platform will be the parties' exclusive vehicle to undertake residential re-development in the Mumbai Metropolitan Region (MMR) and plotted development in and around the MMR, Alibaug, Khopoli, Karjat and Pune.

The platform is proposed to be funded with an aggregate amount of up to Rs 765 crores.

Alpha Alternatives, Peninsula Land Ltd and Delta Corp propose to contribute up to an aggregate of Rs 450 crore, Rs 225 crore and Rs 90 crore, respectively.

Peninsula Land will also be the exclusive development manager for all platform projects.

Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land, said, '' This announcement marks a new chapter in our growth story and is in line with our strategic roadmap to establish a position of leadership in the asset classes we pursue.'' 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.

Peninsula Land has projects spanning Mumbai, Pune, Bengaluru, Lonavala, Nashik, and Goa.

To date, Peninsula Land has delivered over 10.6 million square feet of real estate across key Indian cities.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)