Bengaluru-based Century Real Estate has raised Rs 175 crore from investment firm PAG for the development of a luxury housing project. Century Real Estate – a leading developer and one of the largest landowners in South India, said it has got an investment of Rs 175 crore from global investment firm PAG for its ultra-luxury project Century Ethos.
The company said the fund would be used to expedite construction of the project as well as retire existing debt.
The 7.3 acre project, currently under construction, is located in prime North Bengaluru and comprises of around 330 luxury units. Prices of units range from Rs 3.5 crore to Rs 12.5 crore.
Ravindra Pai, Managing Director at Century Real Estate, said, “This fresh investment by PAG into Century Ethos reiterates the ever increasing confidence of local and foreign investors and consumers in the promising North Bengaluru region”.
The fund will help the company in further accelerating completion of the project, he added.
“The past year has been the best year for the project since its launch – yet another indicator that demand for larger high-quality homes with lavish open spaces is firmly on the rise,” Pai said.
Century Real Estate said it has over 3,000 acres of land bank and over 20 million sq ft of residential and commercial assets under construction, representing more than USD 3 billion in asset value.
Its development portfolio of over 20 million sq ft includes hotels, office buildings, residences, educational institutions and integrated townships.
Last month, Prestige Estates Projects announced a joint venture with Century group to develop an office park in Bengaluru with an estimated construction cost of around Rs 900 crore.
PAG is one of Asia’s leading investment firms. It manages USD 40 billion in capital across strategies, including private equity, real estate and absolute returns.