KKR’s NBFC arm invests Rs 725 crore in Embassy group project in Bengaluru

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Published: February 12, 2019 5:19:55 AM

REEL operates waste treatment facilities in more than 60 locations across India, Singapore, West Asia and Africa. According to a release, the company handles 3.5 million tonnes of municipal waste and one million tonnes of industrial waste, and caters to 20,000 healthcare establishments.

KKR stated that in addition to investing in REEL from its KKR Asian Fund III, the investment is part of KKR’s global impact strategy.

KKR’s real estate-focused non-bank finance company KKR India Asset Finance (KIAFL) on Monday announced that it has extended `725 crore ($102 million) to real estate developer Embassy Group to finance a premium office development in Bengaluru.

Based in Bengaluru, the Embassy Group has delivered 53 million square feet of office, residential, retail, hospitality and industrial warehouses, according to a release issued by KKR.

Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. The residential portfolio includes 12 million square feet completed and 17 million square feet of ongoing and future development, the release said.

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KKR stated that KIAFL has been active since 2015 and has invested more than $1.5 billion in India’s realty sector as of February. “We maintain a core focus on high-quality opportunities in cities including Bengaluru, Hyderabad, Mumbai and Pune,” the company said.
Sanjay Nayar, member and head of KKR India, said KIAFL looks to provide tailored, flexible financing solutions to high-quality projects in strong micro markets, and with this in mind, mid-market residential and commercial projects in Bengaluru are among the most interesting themes for KKR.

KKR also announced on Monday that it has completed the acquisition of Ramky Enviro Engineers (REEL). Last year, KKR had acquired a 60% stake in the firm for approximately $510 million via a combination of primary and secondary investments.

REEL operates waste treatment facilities in more than 60 locations across India, Singapore, West Asia and Africa. According to a release, the company handles 3.5 million tonnes of municipal waste and one million tonnes of industrial waste, and caters to 20,000 healthcare establishments.

KKR stated that in addition to investing in REEL from its KKR Asian Fund III, the investment is part of KKR’s global impact strategy.

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