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Thursday, February 9, 2012

Standard Chartered Bank lends Rs 250 crore to Bangalore realty firm, DivyaSree Developers

Standard Chartered Bank has lent 250 crore of construction loan to DivyaSree Developers for developing a mixed used project in Bangalore, said more than one person with direct knowledge of the development.

The mixed-use residential project, DivyaSree Technopolis, is being built on the Old Airport Road in Bangalore.

DivyaSree Developers refused to comment on the transaction. Standard Chartered could not be reached for a comment.

The Bangalore-based builder is also in talks with private equity funds, including the PE arm of Standard Chartered to raise $30 million by selling a stake in its residential development in Bangalore.

"The company plans to raise around $100 million in the next six to nine months in three tranches across different residential projects and to buy land," said a Divyashree executive, who did not wish to be named.

So far, the company has developed seven million square feet of commercial space, and has around three million square feet under construction that is slated for completion in the next eighteen months. The company is also looking at selling around 2.7 million sq ft of income producing office space for 1,600 crore in different developments in Bangalore and Hyderabad.

DivyaSree has a total debt of 750 crore.

The IT capital of India has been attracting large PE deals, in the largest real estate this year, PE major Blackstone in June picked up 37% stake in Manyata Tech Park for over 1,000 crore ($200 million).

In a similar instance Maple Tree has acquired 2 million sq ft from Assetz Global Technology Park in a deal valued over 800 crore and Baring Private Equity Partners invested 450 crore in RMZ Corp for acquiring 6 million sq ft of office space in Bangalore.

Source: EconomicTimes


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