Kotak Special Situations Fund acquires Prius for Rs 450 cr

By: |
March 11, 2021 1:15 AM

KSSF has been investing from its $1-billion fund in a variety of structured investment situations, and in an all-cash deal, the KSSF-led consortium emerged as the successful resolution applicant for Prius. With this, the fund has now closed its first investment under the IBC platform.

Prius leases out commercial spaces and predominantly owns the building named ‘Prius Platinum’ at Saket in Delhi that has a leasable area of 2.59 lakh square feet.Prius leases out commercial spaces and predominantly owns the building named ‘Prius Platinum’ at Saket in Delhi that has a leasable area of 2.59 lakh square feet.

Kotak Investment Advisor’s Kotak Special Situations Fund on Wednesday said it had acquired Prius Commercial Projects (Prius) for Rs 450 crore. With this acquisition, KSSF has closed its first investment under the Insolvency and Bankruptcy Code (IBC) platform. The KSSF’s investment objective is to primarily acquire value assets through the IBC platform.

KSSF has been investing from its $1-billion fund in a variety of structured investment situations, and in an all-cash deal, the KSSF-led consortium emerged as the successful resolution applicant for Prius. With this, the fund has now closed its first investment under the IBC platform.

Srini Srinivasan, managing director, Kotak Investment Advisors, said the acquisition is an example of how Kotak Investment Advisors could use its cross-functional expertise to capture opportunities in the stressed asset market. He said, “This is an example of how Kotak can get its cross functional expertise in real estate and stressed asset management to address the unique opportunities in the stressed assets market. We will rely upon these skills to address opportunities in other asset classes as well.”

Prius leases out commercial spaces and predominantly owns the building named ‘Prius Platinum’ at Saket in Delhi that has a leasable area of 2.59 lakh square feet. The controlling stake held by KSSF provides the company a platform to build a portfolio of office assets along the lines of Prius, leveraging on the group’s extensive expertise in real estate as well as resolution of stressed assets.

This investment targets refurbishment and leasing of Prius’ office space, where KSSF’s extensive real estate portfolio management experience will support a professional management team.

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