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Real estate developer M3M has secured a debt facility of Rs 1,500 crore (approximately $200 million) from alternative investment firm PAG Credit & Markets to fund portfolio growth. The funds will be provided in four tranches and paid back within 18 months. M3M plans to use the funds for expansion, including new acquisitions.
The company recently closed two land transactions in Noida and Panipat, with a combined acquisition value of more than Rs 2,200 crore. M3M is also trying to close two more land deals, which together will cost Rs 1,300-1,400 crore. M3M aims to build a portfolio of 10 million square feet in one year with a top line of $2 billion.
M3M recently acquired a 350-acre land parcel in Panipat for Rs 1,500 crore. The company plans to invest about Rs 1,200 crore in the project, with Rs 500 crore as development cost and Rs 600-700 crore for permissions, development of plots and floors, and common facilities. The company is expected to close FY23 with sales of Rs 10,000 crore.
Delhi-NCR has become a key hub for real estate projects and has witnessed rapid development and growth in recent years. The region has recorded significant growth in capital values, enabling investors to clock healthy returns and attracting attention from investors. Investments in real estate touched a record $7.8 billion in 2022, with Delhi-NCR attracting nearly 30% of the inflow into major Indian cities, according to CBRE India.
PAG is an APAC-focused investment firm that manages funds in multiple asset classes, including private equity, private debt, and real estate on behalf of some of the world's leading institutional investors. According to sources, it is evaluating and financing several real estate projects in India promoted by top-tier real estate developers. PAG is one of Asia Pacific's largest private investment firms with assets under management of more than $50 billion.M3M has 42 projects in Gurgaon, with a total of about 6 million square feet of retail space and about 28 million square feet of overall space.
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