Creador invests $16.2 m in India’s Ashiana Housing

11.02.15 / Author: Andrew Woodman, Asian Venture Capital Journal

Southeast Asia and India-focused GP Creador has paid INR1 billion ($16.2 million) for a minority stake in Ashiana Housing, a publicly-listed Indian property developer.

Established in 1986, Ashiana is said to be a leading property developer in North India’s middle-income housing sector. It has a presence in Rajasthan, Delhi, and Jharkhand, and has delivered over 10.7 million square feet of residential and commercial space to date, providing homes to more than 8.500 families.

According to a release, Ashiana recorded compound annual growth of 33% between the 2010 and 2014 financial years in terms of area booked. It has 13 ongoing projects with a saleable area of 6.4 million sq ft, scheduled for delivery in the next 2-3 years, and plans to develop another 15 projects with saleable area of 8.4 million square feet by 2020.

In addition to developing homes, the company provides facility maintenance services at its projects. More recently, it has moved into senior living homes through its projects in Bhiwadi, Jaipur and Lavasa. The investment is the sixth made via Creador II, which closed last summer at $300 million before taking an additional commitment that brought the total up to $330 million. It is also Creador’s fifth deal in India. The GP has made 14 investments to date.

Last month Creador teamed up with SMRT Holdings to acquire a 30.75% stake in Malaysia-based Masterskill Education Group from the major shareholder for MYR69.4 million ($19.2 million); it plans on completing a full buyout of the business.