German bank invests Rs 607 cr in Trikona projects

In the Delhi-based Uppal IT park, SF raised its stake from 8 per cent to 33 per cent. In the Hyderabad-based residential and retail project Manjira, SF picked up 41 per cent, thereby completely owning the project.

In the MK Mall being developed by DB Realty in Mumbai, SF picked up 40 per cent and now owns 100 per cent of the mall. SF also took 15 per cent stake in Delhi's Luxor Cybercity, owned by Trikona.

In another instance, Trikona and SF acquired 49 per cent in a redevelopment project in Bandra in Mumbai. The Mumbai-based Rustomjee Developers will undertake the development work, while SF and Trikona will contribute funds in the ratio of 55:45, Trikona said. Since SF is yet to set up its base in the country, Trikona is expected to manage all the assets.

Aashish Kalra, managing director of Trikona Trinity's fund manager, Trikona Capital, said, "This transaction supports the company's business plan and stated net asset value, and confirms our ability to deliver results. We have a solid, scalable investment and development platform and are confident that this transaction reinforces our leading position at the forefront of the Indian real estate and infrastructure markets."

Trikona Trinity Capital (TC), a fund created for investing in Indian real estate and infrastructure, has entered into a binding agreement with SachsenFonds Holdings, a subsidiary of leading German public sector bank Sachsen, to divest a part of its portfolio and co-invest in new projects, at a transaction value of