Tribeca In Talks To Raise Rs. 2000 Crore As Distress Fund To Invest In Stalled Projects

Tribeca is set to invest in stalled real estate projects. The builders of Trump Tower in India is reportedly in the process of raising debt fund amounting to Rs. 2000 crore to invest in the projects that are stuck due to financial issues in the major real estate markets.

Under the umbrella of joint venture and development management agreement, the proposed distress fund will acquire the stuck projects. Tribeca is said to focus on the stalled projects in Mumbai Metropolitan Region (MMR), and Delhi NCR.

“We are targeting a first close of Rs 1,000 crore (for the fund) by the end of this year and will invests in mid-income housing projects priced between Rs 80 lakh and Rs 2.5 crore (per unit),” Tribeca founder Kalpesh Mehta told ET Realty.

As of now, Tribeca has some 6 million sqft of mixed-use projects under various stages of development. The group is planning to add another 4 million sq ft over the next three years.

Tribeca has been showing interest in stalled projects for a while now. Earlier this year, the developer acquired two mixed-use projects from the Logix Group located in Sector 32 and 115 of Noida.

Under the deal, Logix will remain the owner of the land while Tribeca will develop the project over next three years. Both the projects are debt free and residential part of them are already launched.

Apart from acquiring distressed projects, Tribeca seems to be on the spree of signing major deals. Recently, the firm has up a 1 million sq ft residential project in Gurgaon, funded by HDFC Capital. The 500 crore platform will reportedly plans to build around five projects totalling around 3000 units in Mumbai surburbs, Gurugram and Noida in the next four to five years.

The first launch from the above-mentioned platform will come in the second or third quarter of next financial year. It will be located in Gurgaon with 600 units spanning across 1 million sqft.

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