VGN Property gets ? 410-cr funding from KKR, GIC

Investment firm KKR & Co and GIC Pvt Ltd, have jointly invested about ? 410 crore in two residential projects of the Chennai-based VGN Property Developers, according to reliable sources.

According to a senior executive in VGN both have invested in the company’s high end residential project coming up at Nungambakkam in the heart of the city and in a township scale project `Stafford’ coming up at Ambattur on the western outskirts.

The high end residential project in the city will offer over 166 apartments priced at about ? 2.5 – 3 crore each. Construction has come up to the stilt level.

The project in Ambattur is in final stages of completion with over 1,300 apartments. Over 1,100 have been sold and 1,000 residential units are ready for moving in. Balance 300 are nearing completion, the executive said.

The debt from KKR, a global investment firm based in New York, and GIC, a sovereign wealth fund established by the Government of Singapore, will be used to retire high cost debt and for working capital requirements, the executive said.