Prestige Estates developments in India has finalized a major transaction for USD 240 million with the Abu Dhabi Investment Authority and Kotak Alternate Investment Fund. In order to develop residential developments in important Indian cities.
According to it, the agreement involves projects for a combined gross development value of more than 180 billion rupees ($2.16 billion) that are located in Bengaluru, Mumbai, Goa, and the National Capital Region.
Quasi-equity is involved in the transaction; it consists mostly of non-convertible and optionally convertible debentures.
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An important agreement between the Abu Dhabi Investment Authority and Kotak Alternate Investment Fund, valued at USD 240 million, was revealed by the Indian real estate developer Prestige Estates Projects.
Through the agreement, residential project development will be facilitated in numerous important Indian locations, including Bengaluru, Mumbai, Goa, and the National Capital Region. Prestige claims that the combined total development value of these projects is more than 180 billion rupees ($2.16 billion).
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CEO of Prestige Group Venkat K Narayana told Reuters that the offer is mostly quasi-equity with a mix of non-convertible and optionally convertible debentures.
As of right now, the company is in charge of 26 future and 41 continuing residential projects. Due to its developing economy, favorable regulatory changes, and improved infrastructure, India has become a desirable location for international investments in real estate, especially in the office sector.
About Prestige Group
Prestige Estates Projects is a company that operates in around 12 significant sites in India. Of its completed projects, almost half are in the residential category and the other 42% are in the commercial sector.
