Chennai based OMR Mall Developers Pvt. Ltd. have raised a funding of Rs. 244 crore. from Kotak India Real Estate Fund. The investment is by way of subscription to the Secured Non-Convertible Debentures issued by OMRD. ICS Real Estate Partners Pvt. Ltd. (ICSRE, part of the ICS Group) acted as the sole arranger and advisor to OMRD for this private placement of debentures.
Deep Kantawala, Head – ICS Real Estate Partners and CFO – ICS Group said, “Marina Mall is a Grade-A development and will be OMR’s first organized shopping centre which would cater to the growing demands of the catchment. We are pleased to be associated with, and add value to this project and its promoters.”
Abdul Wadood, Managing Director – Allied Housing, said “we look forward to working with the Kotak team in making this venture a success and are confident of completing the centre within the scheduled time. We also place on record our appreciation for the team at ICSRE for their professional approach and helping us in developing the investment thesis, transaction structuring and eventually hand-holding the due diligence and documentation process”.
The marketing and management of the Marina Mall will be undertaken by Pioneer Property Zone (‘PPZ’), India’s leading retail real estate development and management company. PPZ has been involved in this project for the past 2 years and will also assist Allied Housing in the completion of the balance development and leasing works.