KKR to fund Sunteck Realty’s residential project in Mumbai
Mumbai-based premium real estate developer, Sunteck Realty Ltd. has announced the signing of a definitive agreement with leading global investment firm KKR under which KKR’s investment vehicles would provide up to Rs 150 crore (US$22.4 million) of funding to Sunteck’s flagship luxury residential developments in Mumbai, Signia Isles and Signia Pearl. Located in Mumbai’s leading business district Bandra Kurla Complex, the luxury developments are Sunteck’s flagship projects and are landmark residential developments in the city. With anticipated openings in 2016, Signia Isles and Signia Pearl have garnered interest from high-profile tenants including national industrialists, senior executives of leading financial services firms and corporations, and Bollywood personalities. “We are delighted to have partnered with Sunteck. KKR’s investment in Signia Isles and Signia Pearl is the beginning of our relationship with the group,” said Sanjay Nayar, CEO of KKR India. “Sunteck has a strong reputation and execution track record in Mumbai, where we see compelling residential and commercial real estate investment opportunities. We look forward to deepening our relationship with the group to explore more of these opportunities in the future,” Nayar said. “We are excited to enter into a relationship with such a major and experienced global investor like KKR and attract this strategic investment. In the past, Sunteck has grown with a good mix of debt and equity with few and exclusive partners and going forward, looks at this transaction with KKR as the initiation of a long-term strategic partnership. We see appealing acquisition and growth opportunities in today’s market and believe Sunteck can leverage its brand and execution strength – and that of its partners – to explore large acquisition opportunities in the near future,” Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd., said.
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