Chennai Housing Project receives Rs 65 Crore in Investment by Walton Street BlackSoil

The Walton Street Black Soil will be targeting 6-8 more investments in top Indian cities to expand its reach in the country.

On Monday, Walton Street BlackSoil Real Estate Debt Fund II (WSBREDEF-II) announced that they have invested Rs 65 crore in Krishnaiah Projects Pvt Ltd for its Chennai housing project.

The housing project named Project Zion is an established township developed by Krishnaiah Projects. The project is specifically made for the mid-income housing segment and currently caters to 1,800 families.

“The mid-income housing segment has shown great promise. In the last one year, the segment has gained prominence and has led the share of new launches. We are delighted with the opportunity to partner with such a marquee developer. We shall continue to invest WSBREDF-II commitments with developers of similar pedigree,” said Vimal Jangla, Managing Partner at Walton Street India Real Estate Advisors, in a press release.

With a target collection of Rs500 crore, The WSBREDEF-II is launched through the business venture of BlackSoil and US-based property investment firm Walton Street Capital. With the debt fund’s first closure deal of Rs 360 crore, the fund will offer investment commitment to large mid-income residential projects in Chennai.

“We are delighted to have partnered with WSBREDF-II on Project Zion in Chennai. We have an existing relationship with Walton Street India and BlackSoil across multiple projects and the current financing would only strengthen our ties,” TV Manjunath, CEO, Krishnaiah Projects Private Limited, was quoted in the statement.

The Walton Street Black Soil will be targeting 6-8 more investments in top Indian cities to expand its reach in the country.

Published by– Business Line