Max Estates, the real estate arm of Max Group, is set to acquire Acreage Builders for Rs 322.50 crore. This announcement was made by Max Ventures & Industries, one of the three holding companies of the $4‐billion Max Group, on September 7, 2022. Max Estates is the wholly owned subsidiary of Max Ventures and Industries.
The deal, which is subject to regulatory approvals, is expected to be completed by February 2023. After the acquisition, Acreage Builders will become a wholly owned subsidiary of Max Estates.
Acreage Builders holds a licence to develop a commercial project over an area measuring 7.15 acres, located at the Golf Course Extension Road, one of the most promising upcoming micro markets in Gurgaon. Max Estates plans to develop Grade A+ commercial space on this land. The potential leasable area is over 1.6 million square foot. The current transaction will enable Max Estates to achieve its aspiration of becoming a leading real estate player in Delhi‐NCR.
“This acquisition marks our entry into Gurgaon, a key market for commercial real estate both within Delhi‐NCR and pan‐India. The transaction will further diversify the geographic footprint of our CRE portfolio, and aid our aspiration of becoming a leading player in the Delhi‐NCR,” said Sahil Vachani, MD & CEO of MaxVIL.
“As we scale, our focus will be on strengthening organisational capacity and capability to drive seamless execution across both commercial and residential opportunities, and, in turn unlock multi‐fold value for all our stakeholders,” he added.
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