Global investment firm, KKR will invest up to Rs 150 crore in two luxury residential projects being developed by Sunteck Realty Ltd in Mumbai. Mumbai-based developer, Sunteck Realty has signed a definitive agreement with KKR, under which KKR’s investment vehicles would provide funding to Sunteck’s flagship housing projects, ‘Signia Isles and Signia Pearl’.
The projects, with around 150 flats costing Rs.20 crore and above, are expected to be completed this year. The company has sold about 110 units so far and has gained interest from many high-profile tenants, it said in a statement. So far, Sunteck has invested around Rs.1,350 crore, including land and construction costs in the two projects. The investments have been funded through internal accruals and cash received from the sale of these flats.
Last month, Sunteck Realty provided an exit worth Rs.270 crore to private equity firm Kotak Realty Fund from its investment in a mixed-use development project at Goregaon, a suburb in Mumbai. Sunteck Realty has a development portfolio of about 25 million square feet spread across 24 projects and 4 rented assets.