Private equity firm Apollo Global Management has committed Rs4000 million ($60 million) in a structured finance transaction with Indian real estate company Logix Group.
The proceeds will be used to fund Logix group’s completion of all its existing residential and commercial projects. This enables the group to deliver approximately 8400 homes to customers over the next 12 to 18 months.
Both Apollo and Logix Group declined to comment further on the transaction.
“We value our long-term relationship with Apollo and appreciate their confidence in our team. This facility helps us achieve financial closure on all the group’s ongoing developments and will enable us to maximise the value of our portfolio of office and retail assets,” said Shakti Nath, chairman and managing director of Logix Group.
Prior to this, Apollo and Logix had previously developed an office park in Noida together (Logix Cyber Park), which Apollo had exited in September 2015.
Logix provided a partial exit from Blossom Green to ICICI Prudential’s India Opportunity Fund and it is expected to decide the remainder late this week. Logix also plans to provide an exit to Acacia, one of its other foreign investors, in an IT park project (Logix Technopark) in Noida.
Logix group is one of the earliest real estate company in India to promote IT/ITES (technology enabled services) industry and has established more than 25 such facilities and completed more than 4 million square feet of IT facilities. It has also developed 23 million square feet and 200 acres of plotted development of residential hubs and 9.5 million square feet of mixed-use retail, commercial and hospitality developments.