Supertech plans to monetise 1 million sq ft retail space in Noida
Realty firm Supertech plans to raise about Rs 1,200 crore by monetising its 1 million sq ft retail space in a mixed-use project at Noida, a top company official said.
The company is in advanced stages of talks with some private equity players to sell retail space in the Supernova project, its Chairman R K Arora said.
In the 17.5 acre premium project Supernova, Supertech is developing five towers at an investment of around Rs 5,500 crore.
“We are looking to monetise our commercial space to raise funds for our ongoing projects and reduce debt,” Arora said.
“The discussions with private equity players and some other investors are in advanced stages,” he said, adding that he expects the deal to conclude shortly.
However, he did not disclose the names of parties with whom discussions were on
Arora said the company has a debt of around Rs 2,500 crore, raised from banks and non-banking finance companies (NBFCs).
“We have not defaulted on our loans. Our all loans are regular,” he said, but agreed that there was some 15 days’ delay in interest payment to one bank.
Arora said there is huge appetite for office and retail space among institutional investors because of good rental yields. The government’s decision to launch Real Estate Investment Trusts (REITs) has also boosted the commercial segment.