Shapoorji Pallonji’s Imperial Avenue Receives Investment from Hayfin Capital Management

Shapoorji Pallonji International Property Developers (SPIPD), the development arm of Shapoorji Pallonji, one of India’s largest business conglomerates, announced that it has secured an investment from Hayfin Capital Management LLP (Hayfin), one of Europe’s leading alternative asset management firms headquartered in London, UK, to finance the delivery of the landmark Imperial Avenue project in Downtown Dubai.  The advisors for this transaction were Houlihan Lokey, Dubai.

Cyrus Engineer, Managing Director, Shapoorji Pallonji (SP) International Property Developers, commented: “The Dubai real estate market has seen considerable buyer interest in the past few quarters and the project has seen significant capital appreciation since its launch – a clear testament to its quality and to the faith that has been reposed by our clients and stakeholders. We are now witnessing brisk sales and, while the pandemic has posed some challenges to the rapid progression of the project, our team remains committed to delivering a quality product that will stand the test of time. We are delighted to have Hayfin invest in this landmark project and look forward to a long-term and mutually rewarding partnership with them.”

Downtown Dubai was one of the top three prime areas in terms of sales volume in Q4 2021, with AED 3.2 billion worth of transactions conducted in this period^[1], and the upscale neighbourhood has also experienced a 7% year-on-year increase in the average price-per-square-foot for apartments in Q3 2021. A real estate consultancy also recently reported that Downtown Dubai saw average sales prices increase by more than 17% over the last 12 months, noting that properties with Burj Khalifa views command a premium on almost any other property.

The boom in Dubai's real estate market can be traced to several factors, including increased expatriate demand following the recent introduction of long-term visas and relaxation of employment visa rules, making it easier for those who want to live, work and invest in the city. Constructive interest rates and mortgage financing conditions, along with the shift to remote working have also led buyers and tenants to seek more space and upscale offerings. Finally, government initiatives and the proactive management of Covid have also been very important factors.

Approximately 55% of Imperial Avenue’s project construction has now been completed. Construction is in full swing and the expected date of final completion of Imperial Avenue will be the fourth quarter of 2023.

About Hayfin Capital Management LLP

Hayfin Capital Management (“Hayfin”) is a leading alternative asset management firm. Founded in 2009, Hayfin has invested over €30 billion of capital across more than 420 portfolio companies through its private credit strategies.

Hayfin has a diverse international team of over 175 experienced industry professionals with offices globally, including headquarters in London and offices in Frankfurt, Madrid, Milan, New York, Paris, Luxembourg, San Diego, Singapore and Tel Aviv. Hayfin focuses on delivering best-in-class risk-adjusted returns for its investors across its private credit, liquid credit and private equity solutions businesses.

Further information can be found at hayfin.com

About Shapoorji Pallonji and Company Pvt Ltd

Established in 1865 in India, SP is a globally diversified institution, with a leading presence in the sectors of Engineering & Construction, Infrastructure, Real Estate, Water, Energy and Financial Services. It has a strong employee base of over 70,000 people, delivering end-to-end solutions across 70 nations. SP’s focus is on building megastructures, developing multifaceted iconic landmarks, driving innovative technologies in water management, renewable energy, oil & gas and power, all with good governance and sustainable development, to engineer a better planet.

To know more, please visit: shapoorjipallonji.com

About Imperial Avenue, Downtown Dubai

Imperial Avenue is an exclusive collection of luxury homes in Downtown Dubai overlooking Burj Khalifa and Dubai Canal. Complete with five levels of free-flowing podiums and state-of-the-art facilities, Imperial Avenue consists of 1-, 2-, 3- and 4-bedroom apartments, 4- and 5-bedroom penthouses, 3-bedroom villas and 4- and 5-bedroom villas with private pools at the podium level. Standing 45 storeys tall with 424 apartments and 5 levels of parking, Imperial Avenue emphasizes on opulent living spaces offering high quality living. With modular kitchens, designer bathrooms and private decks, every apartment is unique. A premium 10,000 sq. ft. lobby, world class amenities and facilities spread across two levels on the 9^th and 26^th floor are available to the residents of Imperial Avenue.

To know more, please visit: imperial.shapoorjiproperties.com

[1] According to analysis by Luxhabitat Sotheby’s based on data from the Dubai Land Department.