Blackstone-backed ASK Property Fund has signed a INR5 billion (USD52 million) platform arrangement with developer Bhumika Group to invest in real estate developments, including residential plotted projects across lucrative micro markets in the National Capital Region (NCR).
KNM & Partners advised Bhumika Group, including the issuance of non-convertible debentures (NCDs). The transaction involved structuring and documentation of a secured debenture framework across multiple tranches, including inter alia creation of security over project assets, as well as the establishment of escrow and cashflow control mechanisms.
Associate partner Tanuj Hazari led the transaction team with support from associates Smridhi Pathak and Chayanika Rajpal.
The first investment tranche commits INR1.25 billion to a 20-acre plotted development in Faridabad, leveraging improving infrastructure, affordability and rising buyer demand across the fast-growing NCR micro market, via a subscription to NCDs issued by a Bhumika Group entity and subscribed by ASK Property Fund-managed funds.
The firm representing ASK Property Fund was not disclosed.
