Prestige Group enters into Landmark Deal with ADIA and Kotak AIF for INR 2,001 Crores

Prestige Group, one of India's leading real estate developers, has announced a significant milestone in its growth trajectory through a strategic deal with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The INR 2,001 crores (~$240 million) deal is dedicated towards the development of residential projects in prominent locations across 4 cities in India.

The collaboration with ADIA and Kotak AIF represents a considered move towards adopting strong and organic growth for Prestige Group. The deal, with its substantial size, upholds company's vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring company's commitment to prudent expansion and diversified growth.

Mr. Irfan Razack, Chairman & Managing Director of Prestige Group, expressed his views on the collaboration, saying, "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.

Highlighting the long-term significance of the partnership, Mr. 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 INR 18,000 Crores, contributing significantly to the top line."

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1169.95 as compared to the previous close of Rs. 1189.90. The total number of shares traded during the day was 19051 in over 2011 trades.

The stock hit an intraday high of Rs. 1192.50 and intraday low of 1136.35. The net turnover during the day was Rs. 22208815.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Realty FundRaising StrategicDeal ADIA KotakAIF