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July 12, 2024

PROJECTS: Shapoorji Pallonji gets investment to complete Imperial Avenue project in Dubai

Shapoorji Pallonji International Real Estate Development (SPIPD), the development arm of Indian business group Shapoorji Pallonji, announced on Monday that it has received an investment from London-based alternative asset management firm Hayfin Capital Management to finance the completion of its Imperial Avenue residential project in Downtown Dubai.

SPIPD said in a statement that 55 percent of the construction work on Imperial Avenue is complete, and the expected completion date is the last quarter of 2023.

The advisors for the transaction are Houlihan Lokey, the statement said.

Investment value wasn’t disclosed.

The 41-storey project, which was launched in September 2016, comprises of 424 residential units and 8 commercial units, according to Dubai Land Department data.