Walton Street Blacksoil Real Estate Debt Fund II invests Rs 165 cr in Sowparnika Homes' projects

NewsDrum Desk
24 Nov 2022

New Delhi, Nov 24 (PTI) Walton Street Blacksoil Real Estate Debt Fund II (WSBREDF–II) has invested Rs 165 crore in Sowparnika Homes Pvt Ltd's various projects primarily across Bengaluru.

These projects cater to the mid-income and affordable segment with an average ticket size of around Rs 50 lakhs.

Vimal Jangla on behalf of WSBREDF II said, "This funding shall facilitate the delivery of around 2,750 homes" Sowparnika Projects is one of the leading real estate developers in South India with presence in Bangalore, Kerala and Tamil Nadu.

They have built more than 5 million square feet and delivered more than 7,500 homes across locations in the affordable and mid-income segment.

Ramji Subramaniam, Promoter of Sowparnika Projects said, "Our partnership with Walton Street Blacksoil will help us deliver high quality value homes and timely delivery of apartments to end users in the affordable and mid-income segment." It currently is developing about 4,500 more homes spread across 4 million sqft under development.

WSBREDF II has already crossed its target fund size of Rs 500 crore and stepped into green shoe. With this investment, two-thirds of the target fund size has already been committed across 7 investments.

WSB, an Alternate Investment platform jointly held by ex-India Management team of Walton Street (Kaushik Desai, Vinit Prabhugaonkar, and Vimal Jangla) and the Blacksoil group, has been investing in the Indian Real Estate space since 2008-09.

WSB and its affiliates have managed or committed more than Rs 1,750 crore of debt capital in residential real estate. Spread over 5 metros and across about 40 transactions, the group has already secured 27 complete and 5 partial exits from this investment corpus. PTI MJH DRR

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