Xander Finance to invest Rs 105 crore in Bengaluru realty project

Realty firm Skylark Mansions has raised Rs 105 crore from Xander Finance for a housing project in Bengaluru and providing exit to existing investor Motilal Oswal Real Estate.

Property consultant Colliers International India was appointed as the sole advisor by Skylark for this transaction.

Skylark Mansions, one of the leading real estate firms in South India, has raised Rs 105 crore in structured debt from an NBFC Xander Finance, mainly to give an exit to the current investor Motilal Oswal Real Estate in project Skylark Dasos on Hennur road, the property consultant said in a statement.

"A part of the money will also be spent on the project development. This is a project which has around 8 lakh sq ft of saleable residential space and is coming up in one the fastest growing areas of Bengaluru," it added.

The realty firm has refinanced the existing lender Motilal Oswal with lower-cost capital from Xander Finance and is looking to launch the project shortly.

Motilal Oswal had invested through structured debt route in 2015 in the project.

Skylark Mansions has recently expanded to Chennai and has about nine projects under construction. They sell homes at a starting price of Rs 30 lakh and up to Rs 6 crore.

The Colliers' Capital Markets & Investment Services (CMIS) team in Bengaluru advised Skylark on deal marketing, structuring and facilitated the due diligence and execution process," said Garima Bansal, General Manager, CMIS (Bengaluru), Colliers International India.