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Sign in Sign up for a FREE subscriptionADIA, Kotak AIF sign $240m deal with Prestige Estates for residential projects in India
Prestige Estates Projects has signed a deal worth 20 billion rupees ($240 million) with the Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund to develop residential projects in India.
It will be a 60-40 joint venture with ADIA and Kotak AIF holding the majority of the partnership.
The funds will be for projects in Bengaluru, Mumbai, Goa and the National Capital Region, with a combined gross development value of more than $2.16 billion, reported Reuters.
This investment marks ADIA’s maiden venture into India's residential real estate market, according to livemint. It will be four projects totaling 13.5 million square feet.
