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Century Real Estate to raise INR 1,000 crore for commercial assets in Bengaluru

Infra News - Published on Wed, 06 Dec 2017

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PTI reported that Century Real Estate plans to develop 7 million sq ft of commercial projects in Bengaluru over 6 years and is in talks with private equity investors to raise INR 1,000 crore. Bengaluru-based Century Real Estate Holdings has huge land bank of more than 3,000 acres in this IT city.

The company's MD Mr Ravindra Pai, said that "We have completed 2 small commercial projects of 2 lakh sq ft each in the past. Now, we are looking to enter commercial segment in a big way." He said Century has prepared a business plan to develop 7 million sq ft of office space in the next 6 years.

To create this rental portfolio, Mr Pai said, "we are looking for an equity partner. We are in initial talks with few private equity firms". The target is to raise to Rs 1,000 crore, he added.

He said that the company had earlier raised funds from Kotak, Piramal, JM Financial, Xander and others to develop projects.

Century plans to create a separate SPV (special purpose vehicle) for the development of commercial projects.

In February next year, the company will start development of one million sq ft area involving construction cost of INR 350 crore.

With the real estate sector facing multi-year slowdown particularly housing, developers are focusing on office projects which are doing better and attracting huge investment from domestic as well as foreign funds.

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Posted By : Nanda Koijam on Wed, 06 Dec 2017
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