Global investment firm KKR will invest up to Rs 150 crore in two luxury housing projects being developed by Sunteck Realty Ltd in Mumbai.
Mumbai-based developer Sunteck Realty today said it has signed a definitive agreement with KKR, under which KKR's investment vehicles would provide up to Rs 150 crore (USD 22.4 million) of funding to Sunteck's housing projects 'Signia Isles and Signia Pearl' in Mumbai.
Commenting on the investment, Sunteck Realty CMD Kamal Khetan said: "We are excited to enter into a relationship with such a major and experienced global investor like KKR and attract this strategic investment."
"We see appealing acquisition and growth opportunities in today's market and believe Sunteck can leverage its brand and execution strength - and that of its partners - to explore large acquisition opportunities in the near future," Khetan said.
Sunteck Realty has a development portfolio of about 25 million square feet spread across 24 projects and 4 rented assets.
"We are delighted to have partnered with Sunteck. KKR's investment in Signia Isles and Signia Pearl is the beginning of our relationship with the group," said Sanjay Nayar, CEO of KKR India.
"Sunteck has a strong reputation and execution track record in Mumbai, where we see compelling residential and commercial real estate investment opportunities. We look forward to deepening our relationship with the group to explore more of these opportunities in the future," he said.
Located in leading business district Bandra Kurla Complex, the luxury developments are Sunteck's flagship projects and landmark residential developments in the city.
With anticipated openings in 2016, the two projects have garnered interest from high-profile tenants including national industrialists, senior executives of leading financial services firms and corporations, and Bollywood personalities.
