Nisus Finance exited its Real Estate Special Opportunities Fund – 1 (RESO-I). RESO-I had invested Rs 105 Crs into rated listed NCDs issued by Suvita Real Estate Private Limited, a wholly owned subsidiary of Shapoorji Pallonji Real Estate Private Limited (SPRE).
The Fund had invested in Senior Secured Rated Listed Non-Convertible Debentures issued in January 2024, wherein the Debentures were listed in the wholesale debt segment of the Bombay Stock Exchange.
All NCDs were redeemed by SREPL, the Issuer, through internal accruals and capitalisation by SPRE. This investment marks the 1st exit from Nisus Finance’s special situation fund “Real Estate Special Opportunities Fund – 1 (RESO-I), managed by Nisus BCD Advisors LLP with an exit IRR of 18.74%.
The investment was towards a land parcel of 12.16 acres located in Manjri Budruk, Pune, to assist the SPRE Group in accelerating its assets in Pune within the mid-income affordable housing space. The land has the potential to be developed as an affordable housing mixed-use township with a saleable area of ~2.1 Mn sq. ft. The subject land is part of a larger layout developed by the Shapoorji Pallonji Group. Located in the eastern part of Pune, Manjri Budruk is one of the fastest-developing suburban localities of the city that has witnessed significant sales and value appreciation over the past three years, being on the Pune-Solapur Road (National Highway No. 9).
Amit Goenka, Chairman & Managing Director of Nisus Finance, stated, “This investment and its timely exit are a testimony to the rigour of our investment process to back strong counterparties like SPRE through smart structured capital. It is a win-win for all stakeholders. We look forward to our continued relationship with SPRE as they accelerate unlocking value across their development portfolio.”
Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD – Shapoorji Pallonji Real Estate (SPRE), stated, “Partnering with Nisus Finance helped accelerate our business plan. Given our strong footing, we were able to exit the investment well before its maturity term. We look forward to continued engagement with Nisus Finance as an institutional partner for short-term structured credit.”
