Peninsula Land Limited (An Ashok Piramal Group Company), a prominent real estate developer listed on the NSE and BSE, announced raising of INR 150 Cr via Optionally convertible debentures (convertible into equity shares of PLL). The investment is being made by Arsenio Strategies Pvt Ltd which is an affiliate of the Alpha Alternative Holdings Private Limited (“AAHPL), a reputed multi-asset class asset management firm.
The company has additionally announced setting up of a real estate platform with Alpha Alternatives and Delta Corp Limited. The Platform will be the parties’ exclusive vehicle to undertake residential re-development in the Mumbai Metropolitan Region and plotted development in and around the Mumbai Metropolitan Region, Alibaug, Khopoli, Karjat and Pune.
The Platform is proposed to be funded with an aggregate amount of up to INR 765 crores. Alpha Alternatives, Peninsula Land Limited and Delta Corp propose to contribute up to an aggregate of INR 450 crores (59%), INR 225 crores (29%) and INR 90 crores (12%) respectively. Peninsula Land Limited will also be the exclusive development manager (“DM”) for all Platform Projects. Given that this platform is being undertaken in conjunction with Delta Corp Limited. We do not intend to proceed with the joint venture with Delta Corp Limited contemplated earlier.
Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land Limited, commented on the announcement, stating ” 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 today, especially for companies that have a track record of project delivery and the necessary financial resources to execute them in a timely manner. Our experience of delivering a wide range of projects in residential real estate and plotted developments coupled with the ability to sell inventory from affordable housing to ultra luxury apartments has led us to developing a good depth and breadth of capabilities which now along with a funding platform will enable us to create value for all our stakeholders.”
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