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SPRE’s venture project with Vakratunda Group located in Bandra East, Mumbai

●       WSBREDF - II has announced an investment of INR 75 crores in Vakratunda Buildcon Private Limited (VBPL), a Joint venture between Shapoorji Pallonji Group and Vakratunda Group for a project in Bandra East, Mumbai

●       The project is being developed at a prominent location which is in close proximity to BKC and offers direct connectivity to South Mumbai, western and eastern suburbs.

Walton Street BlackSoil Real Estate Debt Fund II (WSBREDF – II), has announced an investment to the tune of INR 75 crores in Vakratunda Buildcon Private Limited (VBPL), a JV between Shapoorji Pallonji Group and Vakratunda Group. The funds will be utilized for projects located at Bandra East, Mumbai.

The project - “BKC 28”, consisting of ~150 apartments, has demonstrated rapid construction progress and has achieved brisk sales with steady receivables. The project is in close proximity to Bandra Kurla Complex (BKC) and other government offices, schools, hospitals, railway stations, etc. with excellent connectivity to South Mumbai as well as the Western and Eastern Express highways.

Commenting on the investment, Vinit Prabhugaonkar on behalf of WSBREDF II said, “We are excited with the opportunity to partner with Shapoorji Pallonji and Vakratunda group. The JV partners complement each other with unique skillsets, key to bringing together a marquee development in an established Mumbai micro-market. This development caters to the housing demand from executives working at BKC and offers a true value proposition at a very attractive pricing. We continue to provide capital solutions to reputed developers focused on delivery and quality.”

Vakratunda Buildcon Private Limited (VBPL) is a joint venture between Shapoorji Pallonji and Vakratunda Group. Shapoorji Pallonji Group is one of the foremost conglomerates in the country and its real estate arm has a development pipeline of over 80 million sq. ft. and features in one of the top five real estate developers in India by sales. Established in 1973, Vakratunda Group has been active in residential and commercial real estate developments in Mumbai, Thane, Badlapur and MMR region in partnership with marquee developers like Godrej Properties.

Talking about the partnership, Mr Nirav Dalal, Business Head at Shapoorji Pallonji Real Estate said, “With the pandemic showing signs of slowdown, we are witnessing an increased pent-up demand for real estate in Mumbai especially amongst young, upwardly mobile working professionals. Our partnership with Walton Street BlackSoil (WSB) will help us capitalize on this growing trend and make our vision to offer premium housing solutions to aspirational Indians a reality”

Launched in June 2021, WSBREDF-II has a target corpus of INR 500 crores and an additional green shoe option of up to INR 250 crores. It has received investor commitments worth 90% of its target corpus and has invested approximately 45% of the Fund across 5 investments to date. In the near future, the Fund intends to make a few more investments in Tier 1 cities like Hyderabad, Bangalore, Chennai, Pune, Mumbai & NCR.

About Walton Street BlackSoil (WSB):

Since 2013, and prior to the launch of WSBREDF-II, Walton Street and BlackSoil have jointly placed more than INR 1,700 crores of debt capital across more than 40 real estate transactions. Last year, BlackSoil and the former India-based management team of U.S. real estate investment advisor Walton Street Capital, L.L.C. (“Walton Street Capital”) joined forces to acquire Walton Street India’s real estate debt business. The India management team is led by Kaushik Desai, Vinit Prabhugaonkar, and Vimal Jangla. As a result of the buyout, WSBREDF-II is no longer affiliated with or advised by affiliates of Walton Street Capital, L.L.C., a U.S. registered investment advisor focused on the real estate sector.

About Shapoorji Pallonji Real Estate:

Shapoorji Pallonji Real Estate is a well-regarded, reputed player in the Indian real estate sector owing to cutting-edge design innovation, construction quality and architectural excellence. It constitutes a significant segment of the Shapoorji Pallonji Group – an enormous multi-business conglomerate. The group has a 155-year legacy that bridges the earliest celebrated structures of India and the modern marvels. Shapoorji Pallonji Real Estate has made inroads into most Indian cities – Mumbai, Pune, Bangalore, Gurugram and Kolkata - with a variety of developments from luxury apartments, opulent residences to aspirational homes for mid-income homebuyers as well as one of the largest mass housing projects in India.