is steadily building a credit portfolio in real estate. It has built a loan book of $1 billion in the past couple of years. In 2017, it lent Rs 800 crore to property developer Total Environment of Bengaluru. In 2018, it invested $100 million in a bunch of housing projects of Hyderabad-based INCOR.
Recently, it bought a 40 per cent stake in Indostar Capital Finance for Rs 1,450 crore.
According to sources, Brookfield has also taken over some loans of lender DHFL from Oaktree Capital. Brookfield bought a majority of US-based Oaktree last year. DHFL had sold some of its loans to Oaktree and was in the process of selling its wholesale book to the US-based investor. As mentioned earlier, Piramal Capital
& Housing Finance has been reducing the share of wholesale real estate loans in its portfolio and single borrower exposure. At end-December 2019, the share of wholesale loans to real estate developers was 70 per cent.
Last year, it sold loans worth Rs 2,000 crore, given to Lodha Developers (now Macrotech), to Goldman Sachs. Piramal is also in talks with other investors to sell its big-ticket loans, according to recent reports.
Last year, Adarsh raised money from JM Financial, Kotak Realty Fund, HDFC Property Fund and Piramal Capital
to expand its portfolio.