AZB & Partners advised Varde Partners in its Investment of Rs 400 cr in Chennai Developer Casagrand

AZB & Partners advised Varde Partners in its Investment of Rs 400 cr in Chennai Developer Casagrand

US-based alternative investment fund (AIF) Varde Partners has invested Rs 400 crore in Chennai-based real estate developer Casagrand Builder for purchase of land in Chennai for development, two people aware of the deal said.

AZB & Partners advised Varde Partners Asia Pte. Ltd. The AZB & Partners team consisted of Partners, Hardeep Sachdeva and Priyamvada Shenoy, and Senior Associate, Nitin Saluja.

“The money was invested against a portfolio of real estate projects and the builder has already drawn down Rs 200 crore,” one of them said. The builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai.

“The land belonged to a Dutch firm and has been sold for over Rs 3 crore per acre,” said the person quoted above.

The deal comes on the back of a recent Rs 440 crore investment made by Varde Partners in an Omaxe Group project in Delhi-NCR.

The AIF has also made investments in two commercial projects of Phoenix Group in Hyderabad, and acquired a commercial building from Lodha Group in 2020 for around $1 billion.

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