April 2, 2024: Real estate developer Prestige Group has entered into a deal with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The Rs 2,001 crore deal is dedicated towards the development of residential projects in prominent locations across 4 cities in India, the company mentioned in a regulatory filing.
According to the company, the collaboration with ADIA and Kotak AIF represents a considered move towards adopting strong and organic growth for Prestige Group. The deal is aimed at catalysing the development of early-stage residential projects, ensuring the company’s commitment to prudent expansion and diversified growth.
Irfan Razack, chairman and managing director, Prestige Group, said, “We are pleased to partner with ADIA and Kotak AIF, globally renowned and sovereign investors with an established track record of promoting sustainable growth across diverse industries. This marquee deal not only underscores the confidence of institutional investors in Prestige Group’s execution and corporate governance but also reflects our shared commitment to delivering excellence in real estate development Pan-India.”
Pointing the long-term significance of the partnership, Venkat K Narayana, group CEO of Prestige Group, said, “Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion. These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa and NCR with a combined gross development value (GDV) of over Rs 18,000 crore, contributing significantly to the top line.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
