Arvind Homes, HDFC Capital Advisors sign platform funding agreement
Arvind Homes, which is a wholly owned subsidiary of Arvind SmartSpaces, has entered into a Platform Funding agreement of Rs. 250 crore with HDFC Capital Advisors Private Limited.
The strategic partnership is with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), which is a fund managed by HDFC Capital Advisors Limited. The partnership focuses on development of affordable housing projects for the mid-income group in India. The company said that quality and timely delivery of finished units will be ensured in the projects. All the developments are set to take place under the special purpose vehicle Arvind Homes Private Limited, having an initial investment of Rs. 250 crore.
HDFC Capital Advisors, a wholly owned subsidiary of Housing Development Finance Corporation Ltd. (HDFC), provides investment management services for real estate private equity financing. It is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) and HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and together they create a US$ 1.1 billion platform which targets affordable and mid-income residential projects in India's leading 20 cities. It recently launched the HDFC Affordable Real Estate and Technology Program (H@ART) to mentor, partner and invest in real estate technology companies.
Arvind SmartSpaces Limited (ASL) is a part of the Lalbhai Group which is headquartered in Ahmedabad, Gujarat. It is a real estate development company. The company has around 7 million square feet of real estate development throughout India focusing on delivering real estate solutions which add value to the lives of its customers.
On Friday, the stock of Arvind SmartSpaces was trading at Rs. 81.00, up by 1.05 per cent or Rs. 0.9 per share. The 52-week high is Rs. 143.80 and 52-week low is Rs. 76.00 on BSE.
The stock of HDFC was trading at Rs. 2000.25, up by 0.63 per cent or Rs. 12.50 per share. The 52-week high is Rs. 2357.00 and 52-week low is Rs. 1646.00 on BSE.