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Mumbai: Kotak Mahindra backed Phoenix Arc Together Cerberus Capital And ares ssg There are two bidders with ACRE Piramal GroupDistressed loan portfolio of ₹2,600 crore, people familiar with the matter said.
The deal has attracted attention as one of the largest transactions in distressed properties due to the debt of the marquee real estate projects on sale.
At the center of the loan pool is the flagship Advantage Raheja account, which is part of the Deepak Raheja Group, which includes premium properties such as JW Marriott and Crowne Plaza in Bengaluru.
These two projects alone account for half of the debt put up for sale. Additionally, Paranjpe Schemes Construction, renewable energy company Bhoruka, Pune-based developer Mont Vert and Ozone Developers are also set to tap the debt.
Piramal Group will negotiate with the highest bidder and set a reserve price for the auction. These loans are taken from Piramal Capital Housing’s book and not from the newly acquired Dewan Housing Finance book.
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