Mumbai-based PE firm to invest Rs 100 crore in Casa Grande

CHENNAI: Mumbai-based private equity firm Avenue Venture Real Estate Fund proposes to invest up to Rs 100 crore in city-based developer Casa Grande.

"Casa Grande today announced that Avenue Venture Real Estate Fund plans to invest up to Rs 100 crore in equity at project level ventures, out of which Rs 53 crore has already been invested over two projects, Casa Grande said in a statement.

The first investment of Avenue Venture Real Estate was in May 2013 at Casa Grande project at Thoraipakkam in the city while the second was for another project in surburban Padur.

"We are focused towards building a good track record with PE investors. We have a long term synergistic approach with Avenue Venture partners and believe this would be mutually rewarding", Casa Grande Founder and Managing Director Arun Kumar said.

Casa Grande has developed 2.5 million square feet till date across 47 projects and has a projected pipeline of Rs 2,500 crore worth of projects in this financial year, it added.