Warburg Pincus Boosts Affordable Housing in India with $75 Million Investment
In a significant move, global private equity firm Warburg Pincus is injecting $75 million into Unique Affordable Homes Pvt Ltd, a subsidiary of Jaipur-based Mannat Group. This investment marks Warburg Pincus's first pure play real estate deal in India, with an initial equity line dedicated to fostering affordable housing projects across North and Western India.
Unique Affordable Homes' Expansion Plans
Unique Builders, established in 2003, boasts a portfolio of nine completed projects, comprising four residential and five commercial ventures, primarily in Rajasthan. Leveraging its substantial land bank in Jaipur and surrounding areas, the company aims to launch a slew of projects spanning the residential, corporate/commercial, and township sectors.
Venturing into Affordable Homes
Unique Builders is now poised to make a significant foray into large-scale affordable housing, replete with modern amenities. The first project under this joint venture, MyHaveli @ Mannat-1, was launched in November 2007. This 3,510-condo multi-family high-rise community project, situated on Ajmer Road, will see an approximate investment of $150 million. Several similar projects are in the pipeline, set to unfold in Jaipur and other key cities across Rajasthan.
Transaction Details
The deal was facilitated by Asipac, with AZB & Partners providing legal counsel to Warburg Pincus, and Chir Amrit Law Chambers assisting Unique Builders on the transaction.
Warburg Pincus's Investment Portfolio in India
This investment adds to Warburg Pincus's diverse portfolio in India, which includes notable names such as Bharti Airtel, Ambuja Cement, Alliance Tires, Dainik Bhaskar, Gangavaram Port, HDFC, Havells India, Kotak Mahindra, Max India, Moser Baer, Nicholas Piramal, Punj Lloyd, Lemon Tree Hotels, and WNS Global Services.