Nisus Finance (NiFCO), India’s leading real estate structured credit fund manager through its “REAL ESTATE SPECIAL OPPORTUNITIES FUND-1 (RESO-1)” managed by Nisus BCD Advisors LLP, has recently invested ~INR 145.00 Cr across two projects of Aliens Developers, Hyderabad, the Aliens Space Station and the Aliens Hub,”.
SWAMIH – I Fund has joined the investment with a sanction of Rs. 320 crores for the Space Station Project.The first project is Aliens HUB, a large scale plotted development project and the second project is Aliens Space Station, a mega mid income housing project, both located in prime micro markets of Hyderabad.
Nisus BCD has invested ~INR 145.00 Crores, which has first been utilized to take over and exit the loans of the erstwhile lender Edelweiss and the balance for project expenses. Nisus BCD Fund shall have senior secured and exclusive primary security on “Aliens HUB”, a premium plotted development project on owned land spread across ~272 Acres located in Chennaram, Hyderabad. It is a planned township with Golf Course, modern amenities, Amphitheatre, Club House and modern infrastructure and amenities for a plotted Golf Course living. The township has a total of 2400 Plots with an average area of 300 sq. yards making it an affordable investment in a premium project. Prominently located on the burgeoning southern corridor off the new outer ring road of Hyderabad, it provided convenient connectivity to all major residential and commercial nodes while nestled in a serene environment. The project is being delivered quickly in various phases with a top line of over Rs. 1200 crores.
Nisus Finance has cash flow sharing in the second project Aliens Space Station, which has been tied up with SWAMIH Investment Fund I (SWAMHI Fund), sponsored by Govt. of India and managed by SBI Cap Ventures Ltd. SWAMHI Fund has subscribed to rated listed debenture of Rs 320crs issued by Aliens Developers Private Limited listed on BSE, the funds will be utilised for a for the completion of the project Aliens “Space Station”.
Space Station is a mega mid income housing project being developed by Aliens Group spread across ~15 Acres of land area, fully approved, with a saleable area potential of ~3.40 Mn sq. ft. located prominently in Tellapur, Hyderabad. The Space Station project has 13 towers of 3B+G+29 Floors. Space Station project is ~70% RCC complete and 75% sold. The project has a total revenue potential of ~INR 2,200 Crs. The project has modern amenities and easy access to social infrastructure – Outer Ring Road, Hitech City, Financial District, IT Hubs and Educational Universities. Nisus BCD has partnered with SWAMIH Fund I, on the Space Station project.
The investment by Nisus Finance (NiFCO) and SWAMIH ensures that the Space Station project will be completed and delivered tower wise and fully exited in 8-12 quarters providing modern homes to over 2000 home buyers.
NiFCO and SWAMIH have partnered in the past on two other mutual opportunities which resonate with common objectives of full risk mitigation, late stage approved affordable housing projects with significant cover and clear unhindered path to completion.
Aliens Group is promoted by Hari Challa and Venkat Challa. The group has proven track record of developing 1.25Mn sq. ft. in different micro markets of Hyderabad.
This investment underscores the focus of RESO-1 which looks to acquire or discharge loans of erstwhile lenders in projects that have high cash flows, significantly large cover, short exit period and very compelling risk mitigated returns to standard credit opportunities.
Amit Goenka, MD& CEO, Nisus Finance commented “This investment is centric to our strategy in the RESO-1 Fund to generate significant alpha through a strongly risk mitigated structure with high asset and cash flow cover. This transaction amplifies our values in taking positions on defensive, highly value accretive projects, that not only deliver superior homes to buyers in a short period but also successfully exit our investments rather quickly. The NiFCO team has brilliantly structured this unique transaction bringing in our partners and create a win-win for all stakeholders.
Aliens Group met our mutual expectations on due diligence and promoter commitment with an extraordinary professional team. We are happy to partner with Aliens Group for these superior projects in Hyderabad. RESO-1 regularly partners with top deck financial institutions who share similar conservative values, have strong diligence and processes, and can mutually identify value outliers”
Hari Challa, Managing Director, Aliens Group, stated, “We are proud of our association with Shri Amit Goenka, Nisus Finance. They have been quick to understand the immense potential of the Project and created a win-win for all stakeholders in mutually discharging the claims of the erstwhile lenders while helping accelerate the completion and deliverables of these marquee landmark project to our very esteemed buyers and clients. With the recent participation of the SWAMIH-I fund in Aliens Space Station, the delivery of the project is certain in a short period of time with all modern amenities. SWAMIH Fund has provided an extraordinary fillip to this flagship project of Tellapur”
Venkat Challa, Joint Managing Director, Aliens Group, stated “_Both projects are well on track to exceed customer expectations. We are fully aligned with our fund partners NiFCO and SWAMIH to finally deliver the landmarks that we envisioned a few years ago”.
Nisus Finance Group led by industry veteran Amit Goenka and Fund CIO Avadhoot Sarwate manage two AIF funds, RECOF-I, an AIF Category II fund, with a corpus of INR 500 Cr and the new AIF Fund “Real Estate Special Opportunities Fund-I” (RESO-I), with a corpus of Rs. 700 Crores for investing in highly value accretive opportunities which provide higher yield and asset cover to unlock value through structured capital in special situations within highly profitable and de-risked projects.