Nisus Fund exits investment in Pune's affordable housing project

Nisus Finance has successfully exited its investment in a subsidiary of Shapoorji Pallonji Real Estate with an impressive 18.74% internal rate of return (IRR). The investment, worth Rs 105 crore, was made in non-convertible debentures (NCDs) and was fully redeemed, helping to accelerate SPRE’s projects in Pune’s affordable housing sector. The Nisus Real Estate Special Opportunities Fund – 1 (RESO-I) initially invested in January 2024. The NCDs issued by the Suvita Real Estate subsidiary were listed on the Bombay Stock Exchange. SPRE redeemed the NCDs using its internal funds and capitalization. Amit Goenka, Chairman of Nisus Finance, praised the investment process and expressed optimism about future collaborations with SPRE. He stated that the timely exit benefits all stakeholders involved. Venkatesh Gopalakrishnan, a director at SPRE, noted that working with Nisus Finance helped the company to speed up its business plans and achieve a successful exit before the expected maturity date. The investment was aimed at a 12.16-acre land parcel in Pune’s Manjri Budruk area. This site has significant potential, with plans for developing a mixed-use township to support mid-income affordable housing, covering a saleable area of 2.1 million square feet. Nisus Finance’s RESO-I Fund focuses on profitable real estate projects that offer high returns and reduced risks, primarily in major metropolitan areas.