Piramal Fund Management has sanctioned investments worth approximately Rs 2,000 crore within three months of launching Flexi Lease Rental Discounting (LRD) for completed commercial assets that include office and retail space.
Further, it has recently approved two investments under Flexi LRD against marquee assets in Mumbai and NCR. The first investment is of Rs 440 crore for te Wadhwa Group’s commercial property in the Bandra Kurla Complex in Mumbai. The second investment of Rs 580 crore is for the ASF Group’s IT SEZ development, ‘ASF Insignia’, in Gurgaon.
Prior to these, PFM had approved Flexi LRD transactions with Reliable Group in Mumbai and the Mantri Group in Bengaluru.
Khushru Jijina, Managing Director, Piramal Fund Management said, “We are delighted with the industry response to our recently launched product Flexi LRD that aims to lend substantial quantum of money on flexible terms against a marquee asset of a Tier-1 developer. In November 2016, we announced our target for LRD to be Rs 10,000 crore for the next 12-15 months and we have already achieved 20 per cent of it within three months of its launch. Through these transactions, we have further strengthened our relationship with the Wadhwa Group, an existing ‘Piramal Preferred Partner’, with whom we have done multiple investments in the past as well as initiated a new relationship with the ASF Group. We remain positively inclined towards commercial as an asset class and look forward to actively scaling up our position within this space.”