Arvind SmartSpaces and HDFC CAPITAL ADVISORS conclude the first platform successfully

Arvind SmartSpaces Limited ("ASL"), one of India's leading Real Estate developers, part of the Lalbhai group, announced that it has successfully concluded its first platform with HDFC Capital Affordable Real Estate Fund - 1 ("HCARE - 1"). ASL had entered into a strategic partnership with HCARE1 in 2019 with an investment potential of Rs. 250 Cr. A partial commitment was made from this platform in a project 'Arvind Greatlands' with a revenue potential of about INR 400 cr.

The funds invested by HCARE-1 have been repaid in full from the project cash flows driven by strong sales momentum and collections from the project. Meaningful returns delivered to both the entities HCARE-1 and ASL, highlight the platform objectives.

Owing to the success of project, HDFC Capital Affordable Real Estate Fund - 3 ("HCARE - 3") and ASL created the second platform of Rs. 900 crore in 2022 which continues to progress well and strengthen the strategic relationship between the two companies.

Commenting on the development, Mr. Kamal Singal, Managing Director and CEO of Arvind SmartSpaces said ''The successful conclusion of the first platform with HDFC Capital Advisors through HCARE- 1 fund is an exciting milestone for all the stakeholders having witnessed significant value creation. The strong sales and collections from Arvind Greatlands is a testimony to the execution capabilities and brand equity of Arvind. We look forward to create value for all stakeholders through the HCARE-3 which is Rs. 900 Cr platform. This platform augments the overall project pipeline in line with the growth aspirations while optimally managing the balance sheet."

Mr. Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited added "The successful exit of the first platform highlights our strategy of partnering with top rated developers with a good track record of development and delivery. We believe that there is a large unmet demand for quality development at affordable prices. We are now progressing meaningfully on the second platform - HCARE-3 and remain committed to partner with Arvind SmartSpaces in their growth journey."

Shares of Arvind SmartSpaces Limited was last trading in BSE at Rs. 344.20 as compared to the previous close of Rs. 342.65. The total number of shares traded during the day was 634 in over 60 trades.

The stock hit an intraday high of Rs. 345.20 and intraday low of 341.15. The net turnover during the day was Rs. 217819.00.

Source : Equity Bulls

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ArvindSmartSpaces INE034S01021 HDFCCapitalAdvisors 1stPlatform