OMR Mall developer raises Rs 244 crore
Chennai-based OMR Mall Developers have raised a funding of Rs. 244 crore from Kotak India Real Estate Fund.
The investment is by way of subscription to the secured non-convertible debentures issued by OMRD.
The funds raised will be utilised by OMRD for the completion of its 540,000 sq. ft. shopping centre, Marina Mall, in the growth corridor of the Old Mahabalipuram Road (‘OMR’), Chennai.
The promoters of OMRD Mukrim Habeeb & family and Allied Investments and Housing will undertaking the construction of the Marina Mall.
ICS Real Estate Partners, part of the ICS Group acted as the sole arranger and advisor to OMRD for this private placement of debentures.
ICSRE, based out of Mumbai, leverages on ICS Group’s relationships with developers, land owners’ and institutional investors. With in-depth understanding of the real estate sector, ICSRE endeavours to develop optimum solutions to meet the needs of its partners.
Speaking about the transaction, Deep Kantawala, Head – ICS Real Estate Partners and CFO – ICS Group said, “Marina Mall is a Grade-A development and will be OMR’s first organized shopping centre which would cater to the growing demands of the catchment.”
Abdul Wadood, MD, Allied Housing, said “we look forward to working with the Kotak team in making this venture a success and are confident of completing the centre within the scheduled time. We also place on record our appreciation for the team at ICSRE for their professional approach and helping us in developing the investment thesis, transaction structuring and eventually hand-holding the due diligence and documentation process”.