|
Private Sector | Karnataka - India | PID: 202724
|
Prestige Group has tied up with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund to develop residential projects in India worth Rs 18,000 cr. The entities will infuse Rs 2,001 crore (around USD 240 million) in this venture, aimed at catalysing the development of early-stage housing projects in line with the company's goals of expansion and diversified growth.
The funds will be utilised for the development of greenfield residential projects in Bengaluru, Mumbai, Goa, and NCR. The partnership will enable Prestige get access to lower cost funds, while the other two parties expect superior returns from their investment.
Prestige Group has properties in segments across residential, office, retail, hospitality, property management, and warehouses. The Group has completed 300 projects spanning a developable area of 188 million sq. ft.
Further, the landmark deal with ADIA and Kotak AIF would strengthen Prestige Group's position and contribute to the growth of the residential sector in the country. In 2018, the Abu Dhabi Investment Authority had partnered with US-based Hines to create a USD 500 million investment platform for developing office projects in India. Similarly, in 2019, US-based private equity firm Warburg Pincus invested INR 1,100 crore in a JV with Mumbai-based Runwal Group in 2019 to develop shopping malls in India. Moreover, Blackstone has collaborated with Embassy Group on several projects, including the development of office parks and the creation of India's first Real Estate Investment Trust (REIT).
| Updated on: 08 - Apr - 2024
|
|
|
|