Global Alternative Investment Firm PAG has invested over $50 million (about Rs 425 crore) in Gurugram based real estate developer Elan Limited, a group company of Elan group.
The investment will be used towards Growth Capital for their upcoming projects, the company said.
“This deal assumes great significance for the Elan Group with a global fund like PAG reposing confidence in the group’s management and established development track,” said Sandeep Agarwal, CFO, Elan Group.
Cushman & Wakefield was the transaction advisor for the deal.
“The traction in the credit space in NCR market reflects our continued belief in the region’s real estate growth story with Dwarka Expressway fast emerging as NCR’s most sought-after micro market”, said Saurabh Shatdal, Managing Director, Land & Capital Markets, Cushman & Wakefield.
Elan Group, promoted by Director Akash Kapoor and Chairman Rakesh Kapoor and Managing Director Ravish Kapoor, is an established NCR based developer with 12 projects across prime locations in Gurugram and New Delhi having a total saleable area of approximately 15 million sq ft.
Elan Group is scaling their existing portfolio of retail and commercial assets and is entering the Hi-end and premium residential segment through their recent acquisition of a 40 acres land parcel in Sector 106, Dwarka Expressway, Gurugram from Indiabulls Real Estate.
Elan Group has also recently acquired another prime commercial land parcel of 7.65 acres from Ambience Group in Sector 82, Gurugram.
PAG is one of the largest Asia-focused Investment Fund, with strategies including private equity, private debt, real estate and hedge funds. Asia Pragati, which is an offshoot of the Hong Kong based PAG has been actively investing in India real estate over the last two years with recent investments in Kalpataru Group, Shapoorji Pallonji Group and Phoenix Developers among others.
Source : ET