ICSRE facilitates INR 244 cr. deal for OMR Mall Developers

16th October 2017, Mumbai: Chennai based OMR Mall Developers Pvt. Ltd. (‘OMRD’) have raised a funding of INR 244 cr. from Kotak India Real Estate Fund. The investment is by way of subscription to the Secured Non-Convertible Debentures issued by OMRD. ICS Real Estate Partners Pvt. Ltd. (ICSRE, part of the ICS Group) acted as the sole arranger and advisor to OMRD for this private placement of debentures.

ICSRE, based out of Mumbai, leverages on ICS Group’s relationships with developers, land owners’ and institutional investors. With in-depth understanding of the real estate sector, ICSRE endeavours to develop optimum solutions to meet the needs of its partners. The funds raised will be utilized by OMRD for the completion of its 540,000 sq. ft. shopping centre, Marina Mall, in the growth corridor of the Old Mahabalipuram Road (‘OMR’), Chennai. The main promoters of OMRD are Mr. Mukrim Habeeb & family and M/s. Allied Investments and Housing Pvt. Ltd (‘Allied Housing’), which is also undertaking the construction of the Marina Mall.

Speaking about the transaction, Mr. Deep Kantawala, Head - ICS Real Estate Partners and CFO - ICS Group said, “Marina Mall is a Grade-A development and will be OMR’s first organized shopping centre which would cater to the growing demands of the catchment. We are pleased to be associated with, and add value to this project and its promoters.”

Commenting on this deal, Mr. Abdul Wadood, Managing Director - Allied Housing, said “we look forward to working with the Kotak team in making this venture a success and are confident of completing the centre within the scheduled time. We also place on record our appreciation for the team at ICSRE for their professional approach and helping us in developing the investment thesis, transaction structuring and eventually hand-holding the due diligence and documentation process”.   

The marketing and management of the Marina Mall will be undertaken by Pioneer Property Zone (‘PPZ’), India’s leading retail real estate development and management company. PPZ has been involved in this project for the past 2 years and will also assist Allied Housing in the completion of the balance development and leasing works.

About Marina Mall

The Marina Mall is a ground + 4 floors shopping centre with a total leasable area of approximately 540,000 sq. ft. It is strategically located in the heart of the IT corridor with companies like TCS and Infosys and a booming residential market in the immediate catchment. The mall itself is a part of a larger mixed-use project being developed on a 6.2-acre land parcel, which includes a boutique hotel and residential apartments providing additional captive footfalls for the mall.

The design concept was done by Surbana Jurong, an internationally renowned architectural practice based out of Singapore. It has been designed to give a 360-degree view from the main atrium and the atrium itself will have a unique wavy glass façade. The centre will have an 8-screen multiplex, a large family entertainment centre and about 100 stores addressing the latent demands of the catchment. Leases with the key retailers such as Lifestyle, Spar Hypermarket, Inox, Pantaloons, Reliance Trends, Max Fashions, Home Centre, amongst others, have already been signed. The centre is scheduled to be operational in the last quarter of 2018.

About ICS Real Estate Partners (ICSRE)

ICSRE is a boutique investment firm based out of Mumbai. It is a part of the ICS Group and enjoys a strong relationship with both, the developer fraternity and institutional investors. With a deep insight of the real estate sector, ICSRE endeavours to develop ideal solutions to meet the needs of its partners - capital for growth, structured debt solutions, identifying investment opportunities or to assist in optimally monetizing assets.

About Pioneer Property Zone (PPZ)

Established in 2005, PPZ is a joint venture between ICS Realty, India and Old Mutual Property, South Africa. It is India’s leading player in retail centric mixed-use developments, adding value across the asset chain – from land acquisition to developing and managing the asset. Since inception, it has been involved in the development and management of 30+ million sq. ft. pan India. It currently has 5 operational assets under management and 12 projects under development.