Latest news with #AshwinShethGroup
Time of India
2 days ago
- Business
- Time of India
Ashwin Sheth Group acquires 50% stake in One Marina project in Mumbai
NEW DELHI: Ashwin Sheth Group has acquired a 50% stake in One Marina , a residential project situated on Marine Drive , Mumbai . PAG , Singapore, an alternative investment firm, has committed over ₹540 crore (USD 65 million) to fund the construction and development of the project. The company has acquired the project from Vallabh Sheth and Jitendra Sheth, who previously held this share alongside the landowner, YM Infra. Part of the funds raised were used to facilitate the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to clear the way for the new partnership. The project has a gross development value (GDV) of ₹2,300 crore. Of the total one million sq ft in the project, Ashwin Sheth Group holds a seleable area of four lakh sq ft. In June 2024, the company had informed exclusively to ETRealty, that there are three projects where they are working with NBFCs and developers having stressed assets and two projects which are under NCLT where they have submitted the bids. All five projects are situated in South Mumbai and are luxury and super-luxury projects.
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Business Standard
3 days ago
- Business
- Business Standard
Ashwin Sheth Group acquires 50% stake in luxury project in Mumbai
Singapore-based PAG commits funding of Rs 540 cr Mumbai Listen to This Article Mumbai-based real estate developer Ashwin Sheth Group has acquired a 50 per cent stake in a luxury project with a gross development value (GDV) of ₹2,300 crore in Mumbai, for which Singapore-based alternative investment firm PAG has committed funding of ₹540 crore ($65 million). PAG, with assets worth over $55 billion under management as of 30 September 2024, will fund the construction and development of the project, One Marina, located at Marine Lines — a prime Mumbai micro-market.
Mint
3 days ago
- Business
- Mint
Ashwin Sheth Group buys 50% stake, PAG pours ₹540 cr in posh south Mumbai tower
Bengaluru: Ashwin Sheth Group has acquired a 50% stake in a stalled 74-storey luxury residential project in south Mumbai, giving existing lender J.C. Flowers Asset Reconstruction Pvt. Ltd an exit, officials of the real estate developer said, declining to reveal the size of the transaction. In a two-way strategic deal, Asia-focused Investment firm PAG has also committed ₹540 crore of credit finance to the project 'One Marina', located in Marine Lines. The funds will be used for construction of the project, with a gross development value of ₹2,300 crore. Mumbai-based Ashwin Sheth Group acquired the stake from Jitendra Sheth and Vallabh Sheth, the promoters of real estate firm Sheth Creators. The remaining 50% stake remains with the landowner of the project. Also read: Tesla leases space in Mumbai's Lodha Logistics Park, expanding India footprint Sheth Creators had launched 'One Marina' back in 2021, and around ₹300 crore of debt was raised from Yes Bank for the project. However, the project defaulted on the loan, and the development got stuck. Subsequently, after Yes Bank offloaded its stressed loans portfolio to the tune of ₹48,000 crore to J.C Flowers ARC, the loan against 'One Marine' was also assigned to the latter. 'We aim to make 'One Marina' one of the most premium residential addresses in south Mumbai. It is a one million sq ft project, with 315 units including apartments, duplexes and penthouses. We are planning to relaunch the project," Ashwin Sheth, chairman and managing director of the eponymous Ashwin Sheth Group told Mint in an interview. Also read: Global firms Hines, Sumitomo partner for Mumbai condominium project Ashwin Sheth Group currently has 7 million sq. ft of under-construction projects. Sheth has helmed a number of luxury projects in Mumbai, including 'Beaumonde' in Prabhadevi. Sunil Hotchandani, head-fund-raising at Ashwin Sheth Group, said, 'With PAG's financial support and our development track record, 'One Marina' is well-positioned for a successful turnaround." Since 2018, PAG has made over $1.3 billion in private credit investments in India. A PAG spokesperson declined to comment. Luxury home sales in Mumbai, the country's most valuable property market and other cities such as Gurugram have continued to attract homebuyers and investors alike. Also read: Finance giants in Mumbai are coming home—to Worli 'Marina Lines as a micromarket gained further momentum after Prestige Group launched its 'Ocean Towers' project last year, which saw good sales. The luxury market continues to do well. The 'One Marina' project has a full ocean view, and now that the project has got financial closure, it should be developed quickly," said Anuj Puri, chairman and founder, Anarock Group, a property advisory.
