In­di­a­b­ulls fund buys Phoenix Triv­ium, Hy­der­abad

Hindustan Times (Chandigarh) - Estates - - HT ESTATES - Mad­hurima Nandy mad­

BEN­GALURU: In­di­a­b­ulls Dual Ad­van­tage Com­mer­cial As­sets Fund has bought an of­fice com­plex called Phoenix Triv­ium in sub­ur­ban Hy­der­abad, mark­ing the sec­ond trans­ac­tion from the fund. In­di­a­b­ulls did not dis­close the deal amount but a per­son fa­mil­iar with the trans­ac­tion, who did not want to be named, said the trans­ac­tion was val­ued at around Rs470 crore.

The com­mer­cial of­fice as­set in Hafeezpet is be­ing de­vel­oped by Hy­der­abad-based Phoenix Group and has 1 mil­lion sq. ft of de­vel­opable area.

The first phase is con­structed and leased, which will be fol­lowed by two more phases.

In­di­a­b­ulls Dual Ad­van­tage Com­mer­cial As­sets Fund, an al­ter­na­tive in­vest­ment fund, was launched by In­di­a­b­ulls As­set Man­age­ment Co. Ltd in 2017 to raise around Rs1,500 crore, in­clud­ing Rs500 crore from co-in­vestors.

The fund will in­vest in buy­ing out of­fice as­sets that gen­er­ate a reg­u­lar sta­ble rental in­come, with cap­i­tal ap­pre­ci­a­tion on ex­its. In Feb­ru­ary, the fund bought a com­mer­cial of­fice tower in Gu­ru­gram from re­alty firm Hines In­dia Ltd for Rs200 crore, mark­ing the first deal from the new of­fice fund. In­di­a­b­ulls part­nered with co-in­vestor In­ter Globe Real Es­tate Ven­tures Pvt. Ltd (IGR), the real es­tate arm of In­ter Globe En­ter­prises Pvt. Ltd, for the buy­out.

“We firmly be­lieve in­vest­ing in com­mer­cial prop­er­ties pos­sess a strong and sus­tain­able growth per­spec­tive. This in­vest­ment in Phoenix Triv­ium re­flects our con­fi­dence in Hy­der­abad’s con­tin­ued growth and reaf­firms our busi­ness strat­egy and com­mit­ment to avail such mar­ket op­por­tu­ni­ties in the long run,” said Am­bar Ma­hesh­wari, chief ex­ec­u­tive (pri­vate eq­uity), In­di­a­b­ulls AMC. Even as In­dia’s res­i­den­tial real es­tate busi­ness con­tin­ues to reel un­der a pro­longed slow­down, in­vestors have been buy­ing of­fice as­sets ag­gres­sively.

In a 16 Feb­ru­ary re­port The Come­back of Hy­der­abad— In­dia’s Orig­i­nal IT Hub Rises Again, prop­erty ad­vi­sory CBRE said the re­alty mar­ket out­look for Hy­der­abad looks pos­i­tive

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