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ARVIND SMARTSPACES BOARD APPROVES CREATION OF Rs. 900 Cr PLATFORM WITH HDFC CAPITAL ADVISORS


ARVIND SMARTSPACES BOARD APPROVES CREATION OF Rs. 900 Cr PLATFORM WITH HDFC CAPITAL ADVISORS FOR RESIDENTIAL DEVELOPMENT

Arvind SmartSpaces Limited (“ASL”), a part of the Lalbhai group, headquartered in Ahmedabad, one of India's leading Real Estate developers, announced that its Board has approved the creation of Rs. 900 Cr residential development Platform with HDFC Capital Advisors as Investment Manager of HDFC Capital Affordable Real Estate Fund – 3 (“HCARE – 3”). The proposed investments from ASL and HCARE-3 will be Rs. 300 Cr and Rs. 600 Cr respectively in the platform. The funds will be utilised for acquisition of new projects for residential developments in the citiesofcities ofAhmedabad, Bangalore, Pune and MMR. ASL will set up a separate SPV to house the projects sunder this Platform. The Platform will create overall revenue potential of Rs. 4000-5000 Cr excluding reinvestment potential. This will further strengthen the strategic partnership between ASL and HDFC Capital Advisors. Commenting on the strategic development, Mr. Kulin Lalbhai, Director, Arvind SmartSpaces said “We are constantly exploring innovative sources of capital to augment project pipeline and overall growth. The proposed Platform with HDFC Capital for Rs. 900 Cr approved today by the Board, will help exponentially grow our footprints in targeted geographies and in-turn expected to create significant value for stakeholders. This Platform builds upon the success of the previous Platform with HDFC Capital set up in 2019 and triples our capital investment abilities in the short term.’’ Mr. Kamal Singal, ManagingDirector and CEO of Arvind SmartSpaces added ‘’The proposed partnership is expected to give ASL significant headroom to capitalise on the growth opportunities in our focussed markets. We are already at advanced stages of finalisation of two projects and we further expect 4-5 more such projects within the platform over the next 12 months. The platform is expected to generate significant upside to ASL project pipe line while efficiently managing risk profile of the balance sheet.”

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