Goldman Sachs invests Rs 500 crore in Ozone Techno Park
At a time when most non-banking financial companies have stopped making new investments or disbursing funds to real estate developers across the country, global institutional investor Goldman Sachs Group has invested around Rs 500 crore into an income-producing asset of Bengaluru based Ozone Group, said multiple persons with direct knowledge of the development.
Goldman Sachs has made this investment into the developer’s commercial project Ozone Techno Park in Chennai jointly through two of its NBFC arms Goldman Sachs (India) Finance and Goldman Sachs Investments (Mauritius). The investment has been made through a structured debt arrangement.
Located on Chennai’s Old Mahabalipuram Road, Ozone Techno Park is a ready and fully leased commercial project that houses tenants like HCL, CTS, Rainbird Healthcare and Firstsource Solutions. The IT park is spread over around 7 acres with total leasable area of nearly 1 million sq ft across the 10-storey complex.
“It’s a safe bet given that the project is fully-leased to blue chip global clients and offers steady stream of rental yield. The deal will be completed in two tranches,” said one of the persons mentioned above.
The company is likely to use part of the funds raised to repay some of its debt obligations including Urban Infrastructure Venture Capital that has exposure to some of its other projects.