CPPIB and Piramal Ink $500 Million Alliance in Indian Residential Development Debt

The CPPIB is making further inroads into India by betting on the country’s real estate sector. CPPIB Credit Investments Inc., a subsidiary of the CPPIB, and Piramal Enterprises Limited inked a deal for providing rupee debt financing to residential developments across India’s urban corridors. These corridors include Mumbai, Delhi, Bangalore, Pune and Chennai. Project debt financing will target best-of-breed local developers that have substantial track records in high-quality residential projects. The CPPIB is playing on India’s emerging middle class and urbanization of the country.

Piramal Enterprises is a diversified company with a portfolio in financial services, real estate, pharmaceuticals and information management (Decision Resources Group). The CPPIB and Piramal, through Indiareit Fund Advisors (real estate arm), have each committed US$ 250 million. Indiareit has been appointed as an advisor.

Vikram Gandhi, founder of VSG Capital Advisors, advised CPPIB with regard to the deal. Macquarie Capital advised Piramal Enterprises in the deal.

In 2013, the CPPB embarked on a major deal with Shapoorji Pallonji Group to purchase Indian office buildings in major cities.

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