Prestige Group on Monday announced that it has entered into a strategic deal with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The Rs 2,001 crore (~$240 million) deal, it added, is dedicated towards the development of residential projects in prominent locations across 4 cities in India. The said deal is aimed at catalysing the development of early-stage residential projects, ensuring the company’s commitment to prudent expansion and diversified growth, it said in a regulatory filing.
Irfan Razack, Chairman & Managing Director of Prestige Group, said, “We are pleased to partner with ADIA and Kotak AIF, globally renowned & 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.
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.”
Prestige Group has a diversified business model catering to various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India. The Group has completed 300 projects spanning a developable area of 188 mn sqft.