Private equity firm KKR & Co will invest Rs 150 crore ($22 million) in two luxury residential projects of Sunteck Realty Ltd.
The projects are in the Bandra Kurla Complex, the two companies said in a joint statement without giving details. Set to open in 2016, Signia Isles and Signia Pearl have garnered high-profile tenants, including top industrialists, executives and Bollywood celebrities, the two firms said. Private equity real estate funds pumped in about $5 billion in Indian property last year, the highest since the financial crisis of 2008, according to data from Venture Intelligence.
“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 in a statement.
“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,” Sunteck’s chairman and managing director Kamal Khetan said in the statement.
“In the past, Sunteck has grown with a good mix of debt and equity with few and exclusive partners and going forward, looks at this transaction with KKR as the initiation of a long-term strategic partnership,” he added.
Sunteck Realty’s flagship project is spread across 1.5 million sq ft and consists of three residential projects - Signature Island, Signia Isles and Signia Pearl.
