OAKTREE PUTS ₹750 CRORE BEHIND SPR CITY’S NEXT GROWTH LEAP

A landmark ₹750-crore investment from Oaktree Capital strengthens SPR City’s momentum as it reshapes Chennai’s retail and trade ecosystem

Oaktree Capital Invests Rs. 750 Crore in Market of India at SPR City, Boosting Chennai's Largest Township

SPR Construction Private Limited (SPR) has secured ₹750 crore in funding from funds managed by Oaktree Capital Management, L.P. (Oaktree), a leading global alternative investment firm with USD 209 billion in assets under management. This milestone reinforces international investor confidence in SPR City — Chennai’s largest integrated township — and its strong underlying fundamentals.

The capital will fast-track the completion of SPR’s flagship projects:

• The Market of India, and

• The Mall of Madras,both set to redefine the shopping and trade landscape not only in Chennai but across Southern India.

The investment is expected to unlock value from 3.5 million sq. ft. of commercial assets, including:

• Mall of Madras, featuring a six-screen cinema and more than 300 branded stores

• Market of India, home to 3,000+ units spanning categories such as gems and jewellery, electronics, building materials, textiles and accessories, imported goods, packaged foods, and multi-commodity trade.

This funding represents only a small portion of the asset value anticipated to be unlocked over the next 8–12 months. It additionally enables full repayment of the existing Altico Capital debt tied to the project.

Together, these two developments are poised to become the largest multi-commodity trade and retail destination across South Asia (SAARC region).

Based on industry benchmarks, every 100 sq. ft. of commercial space typically generates one direct and three indirect jobs. Applying this model, the combined 3.5 million sq. ft. footprint of Market of India and the Mall of Madras is projected to create 35,000 direct jobs and over 100,000 indirect jobs, driving significant socio-economic uplift not just in North Chennai but throughout Southern India.

Why Oaktree Invested

Oaktree’s decision followed rigorous due diligence by globally recognised advisers such as Deloitte (financial and tax), AZB Partners (legal and title), Knight Frank (technical and cost), and Planmaxx (mall advisory and feasibility).

Key drivers behind the investment

• Strong asset coverage and high visibility on sales

• The rapid rise of the Perambur Mill area, just 4 km from Chennai Central, mirroring the transformation seen in Mumbai’s Lower Parel mill district

• SPR’s proven track record in delivering high-rise and integrated township developments in Chennai

SPR has previously raised capital from JM Financial, Piramal, and LIC Housing — all of which have been fully repaid owing to the project’s strong revenue performance.

The partnership with Oaktree further strengthens SPR’s standing among institutional investors, lenders, and homebuyers, supporting timely delivery of the next phases of SPR City.

With more than 55% of retail space already leased and steady progress across residential and commercial components, SPR City is set to emerge as the defining growth hub of North Chennai.