Artha Global invests Rs 700 crore in Hyderabad's Phoenix Triton project
HYDERABAD: Artha Global Opportunities Fund, a Rs 5,000-crore category III alternative investment fund (AIF) operating out of GIFT City, has made its maiden private credit investment in India with Rs 700 crore to fund the completion of the Phoenix Triton project in Hyderabad.
The investment in the 2.8 million square feet commercial real estate project located on a 3.15-acre parcel of land in Financial District, is structured as a four-year non-convertible debenture (NCD).
With this investment, the fund said it is pioneering a variable return model that is directly linked to the project's sales performance. With a floor and cap interest rate, the returns ease cash flow pressures on the developer while offering attractive upside potential for investors, it explained.
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"As we debut the first private credit investment from our over Rs 5,000 crore Artha Global Opportunities Fund, we are bringing to the market innovative structures that solve real-world challenges faced by Indian entrepreneurs. This structured funding for the Phoenix Global Spaces project will provide last-mile financing for a Grade A project nearing completion," said Sachin Sawrikar, managing partner, Artha Bharat Investment Managers IFSC LLP.
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