Kolte Patil Developers announced the acquisition of Pune based Sampada Realities. Under this acquisition, Kolte Patil has acquired residential development potential of ~2.5 Million Sq.ft. at Kiwale in Pune.
The transaction entails the acquisition of ~ 85% equity shares in Sampada Realities on an immediate basis with the balance ~15% stake to be acquired in due course. With this transaction, Kolte Patil has committed an aggregate total investment of ~ Rs 120 crore to be paid over a period of time.
Sampada Realities comprises of only one residential real estate project on ~ 25 acres of land parcel at Kiwale in Pune to be developed in a phased manner. The development represents a revenue opportunity of over ~ Rs 1,400 crore for Kolte Patil.
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