E - PAPER
CURRENT MONTH
LAST MONTH
Oaktree Capital Invests In Hubtown Prabhadevi Project
Global alternative investment management firm Oaktree Capital Management has invested Rs 425 crores in 25 South, a prime sea-facing luxury residential development spread over 5.3 acres of land in central Mumbai’s Prabhadevi locality.
BY
Realty Plus
Published - Monday, 11 Jan, 2021
BY
Realty Plus
Published - Monday, 11 Jan, 2021
Global alternative investment management firm Oaktree Capital Management has invested Rs 425 crores in 25 South, a prime sea-facing luxury residential development spread over 5.3 acres of land in central Mumbai’s Prabhadevi locality.
The project is owned by the Hubtown Group and Singapore-based private equity firm the Rising Straits Capital, while realty developer the Wadhwa Group is the development manager for the same. Part of the funds raised through this transaction will be utilised to complete the project and partly to retire the existing debt facility of Indiabulls Housing Finance.
“The Oaktree investment and strong sales are a testament to the strength of the project’s location, design and execution and a validation of our vision to make 25 South the foremost luxury residential development in Mumbai,” said Rushank Shah, Director, 25 South Realty, the special purpose vehicle developing the project.
The project located opposite the Siddhivinayak temple, had made headlines in 2018 for one of the largest residential apartment transactions in the country when Welspun Group’s promoter and Managing Director Rajesh Mandawewala had purchased an 18,000 sq ft penthouse on the top 3 floors of the South Tower in the project for around Rs 150 crores.
Hubtown and DLF had jointly acquired the said land parcel from Thackerey family-owned Hindustan Mills in 2007. DLF moved out of the project later just before the Rising Straits entry as an investor in the subsidiary developing the project. Wadhwa Group entered the project as a development manager in 2015.
The plot is estimated to have a total development potential of half a million sq ft. One out of total three luxury towers proposed to be developed on this plot is nearly completed and has seen good sales traction recently.
RELATED STORY VIEW MORE
West Bengal Government Partially Operationalizes RERA
Lucknow Development Authority to Sell Plots in CBD to Boost Revenue
Blackstone, Hiranandani Group JV to Develop Industrial & Warehousing Parks
NEWS LETTER
Subscribe for our news letter
E - PAPER
-
CURRENT MONTH
LAST MONTH
REALTY+ SPECIAL ISSUES
Test Magazine
THE TECH TITANS 2022
COFFEE TABLE BOOK 2022
Anniversary Issue 2022
Anniversary Issue 2020
VIDEO GALLERY VIEW MORE
