Ahmedbad: Ahmedabad-based real estate fund Amplus Capital Advisors Pvt. Ltd. on Tuesday announced an investment of $ 6 million (Rs 37 crore roughly) in Jain Heights And Structures Pvt. Ltd, a Bengaluru based real estate developer.
Jain Heights and Structures Pvt. Ltd. has raised the $ 6 million amount from Amplus Capital Advisors Pvt. Ltd. for its upcoming residential project in North Bengaluru.
Amplus is a private equity advisory company promoted by a group of entrepreneurs and professionals such as Sanjay Lalbhai, CMD of Arvind Ltd in his personal capacity and leading tax and financial advisory - Chartered Accountancy firm in India, GK Choksi & Company.
Founded in 2007, Jain Heights has five upcoming projects comprising 1.5 million sq ft of space under various stages of development. The company, in its earlier projects has raised funds from Reliance Capital and Milestone whereas Sprout Capital Advisors LLP advised Jain Heights & Structures Pvt. Ltd.
"The Amplus Realty Fund is delighted to partner with Jain Heights, which is well recognized in the Bengaluru real estate market for its high standards of corporate governance and excellent track record of value creation for all stakeholders. The Fund believes that the end consumer driven, Bengaluru residential real estate market should see high growth on the back of increasing urbanization, changing demographics and an up-turn in the economy," said Anuranjan Mohnot, CEO, Amplus Realty Fund, Amplus Capital Advisors Pvt. Ltd.
Talking about the investment, Kishore Kumar, Managing Director, Jain Heights And Structures Pvt. Ltd said, "The investment by Amplus Realty Fund will enable us in increasing our footprint in the Bengaluru realty market."
Amplus is currently advising Amplus Realty Fund - I, a domestic real estate fund and a scheme of 'Amplus Realty Trust', with a target corpus of Rs 200 crore with a green shoe option of Rs 100 crore.