This investment will support the completion of Imperial Avenue, Shapoorji Pallonji’s first real estate project outside India.
Dubai United Arab Emirates: Shapoorji Pallonji International Real Estate Development (SPIPD), the development arm of Shapoorji Pallonji, one of the largest conglomerates in India, has announced that it has received an investment from Haven Capital Management LLC (Haven), one of Europe’s leading alternative asset management firms. Headquartered in London, UK, to fund the delivery of the historic Imperial Avenue project in Dubai’s city center. The advisers for this transaction are Houlihan Lokey, Dubai.
Commenting on the announcement, Cyrus Engineer, General Manager of Shapoorji Pallonji International Real Estate Development, said: “The real estate market in Dubai has seen a lot of interest from buyers over the past few quarters, and the project has seen a significant increase in capital. since its launch, which is a clear indication of the quality and faith shown by our clients and stakeholders. Today we are seeing rapid sales, and although the pandemic has posed some challenges to the progress of the project, our team has maintained its commitment to delivering a high quality project that will stand the test of time. We are pleased that Haven has invested in This Landmark Project is a landmark project and we look forward to a long-term and mutually beneficial partnership. “
Downtown Dubai was one of the top three major regions in terms of sales volume in the last quarter of 2021, with deals worth -dubai-2021-release / q4-https: //www.zawya.com/en/press s6dq6l47 -report -market-residential-primeAED3.2 billion in this period *, this luxury neighborhood also saw a 7% year-on-year increase in the average price per square foot for apartments in the third quarter of 2021. Downtown Dubai has seen an increase in average selling prices of more than 17% over the past 12 months, noting that properties overlooking the Burj Khalifa are exceptionally in demand compared to any other property.
The boom in Dubai’s real estate market is attributed to several factors, including the increase in the demand for expatriates following the recent introduction of the long-term visa system and the relaxation of work visa rules, making it easier for those who want to live, work and invest in the city. Constructive interest rates and mortgage financing terms, as well as a telecom system, have forced buyers and tenants to look for more space and better deals. Without forgetting the role of government initiatives and proactive management in addressing the COVID-19 pandemic, which was also very important factors in the sector’s prosperity.
About 55% of the works have now been completed in Laanlaan. Construction of the Imperial project is in full swing and the expected completion date for Imperial Avenue is the last quarter of 2023.
* Based on an analysis by Luxhabitat Sotheby’s based on data from the Dubai Land Department.
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About Haven Capital Management LLC
Haven Capital Management (“Haven”) is a leading alternative asset management company. Founded in 2009, Haven has invested more than 30 billion euros in capital in more than 420 investment firms through its own credit strategies.
Haven has a diverse international team of more than 175 experienced professionals in this field with offices worldwide, including headquarters in London and offices in Frankfurt, Madrid, Milan, New York, Paris, Luxembourg, San Diego, Singapore and Tel Aviv. Haven focuses on providing the best risk-adjusted returns to its investors through its private credit business, liquid credit and private equity solutions.
More information can be found at hayfin.com
About Shapoorji Pallonji and Pvt Ltd
Founded in India in 1865, SP is a globally diversified organization, with a leading presence in the engineering, construction, infrastructure, real estate, water, energy and financial services sectors. It has a strong employee base of more than 70,000 employees, and offers comprehensive solutions in 70 countries. SP’s focus is on building megastructures, developing versatile iconic landmarks, and driving innovative technologies in water management, renewable energy, oil and gas and energy, all through good governance and sustainable development, for a better planet.
To find out more, please visit: shapoorjipallonji.com
About Imperial Avenue, Downtown Dubai
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Imperial Avenue is a Dubai group overlooking a luxury tower in the middle of Khalifa City and the Dubai Canal. Imperial Avenue consists of modern amenities and a variety of apartments between 1, 2, 3, 4, bedroom, 4 and 5 bedroom penthouses, 3 bedroom villas, 4 and 5 bedroom villas with private pools. Imperial Avenue is 45 storeys high and includes 424 apartments and 5 parking floors, with more living spaces and a luxurious lifestyle in mind. Each apartment has standard kitchens
Designer bathrooms and unique private terraces. A luxurious 10,000-square-foot lounge and world-class amenities and amenities are available to the residents of Imperial Avenue on two levels on the 9th and 26th floors.
To find out more, please visit: imperial.shapoorjiproperties.com