RIRIC secures $547M USD / GBP 300M equity line of credit from GEM Global Yield Fund
New York–based GEM Global Yield Fund commits a GBP 300 million equity line of credit to RIRIC, underwriting the next phase of Royal Garden City and India's largest integrated township pipeline.
VANCOUVER — Royal Indian Raj International Corporation today announced it has secured a GBP 300 million (US$547 million) equity commitment, structured as an equity line of credit, from UK-based GEM Global Yield Fund Ltd., one of the largest emerging-markets investment vehicles managed by Global Emerging Markets (GEM) of New York.
The facility will be drawn down over a multi-year period to finance master-planned integrated townships under the Royal Garden City and Royal Garden Villas & Resorts brands, as well as the company's exclusive Jack Nicklaus signature golf-course program across India.
"This is a watershed commitment for India's real-estate sector," said Manoj C. Benjamin, Chairman and CEO of RIRIC. "It validates the integrated-township opportunity and gives us the dry powder to execute at scale across Bangalore, Mumbai, Delhi and Kolkata."
GEM has invested more than US$3.4 billion in 305+ transactions across 65 countries since 1991, making it one of the most active alternative-investment groups in the emerging markets.