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| Parsvnath sells additional 4% stake to Red Fort Capital |
| Announcement / Corporate Oct 01, 2009, 19:35 IST |
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Parsvnath Developers Limited inks agreement with Red Fort Capital to purchase additional 4% equity in its premium luxury residential project in the heart of Delhi
Parsvnath Developers Limited (PDL), one of India’s leading real estate and infrastructure providers has inked an agreement with leading international real estate private equity fund Red Fort Capital to sell 4% additional stake in its premium luxury residential project at Civil Lines, Delhi. With this additional stake the total investment of Red Fort Capital Parsvnath La Tropicana will increase to Rs 1,150 million from Rs 900 million.
Parsvnath Landmark Developers Pvt. Ltd, (PLDPL) a subsidiary of Parsvnath Developers Ltd is executing a premium luxury residential project viz., Parsvnath La Tropicana, spread over an area of 16.84 acres (68,149 sq. mt.), with a saleable area of approximately 1.9 million sq. ft. The construction of the project has already commenced and PLDPL has received all requisite approvals including sanction of building plans by the Municipal Corporation of Delhi besides various other approvals such as environmental clearance etc.
PDL and PLDPL have entered into supplementary agreements with Red Fort Capital, which would be investing Rs. 250 million for purchase of additional 4% equity interest in PLDPL by way of purchase from PDL. Red Fort Capital earlier in June, 2009 purchased 18% stake for a consideration of INR 900 million, and with this purchase, its stake in PLDPL will increase to 22%.
Speaking on the occasion, Mr Pradeep Jain, Chairman, Parsvnath Developers Limited said “ It has always been the endeavor of Parsvnath Developers for a long term association with its stake holders. Red Fort Capital’s further investment in the project is a healthy indication of the immense faith investors have in Indian Real Estate Sector and also their confidence in the execution capabilities of Parsvnath.
We are committed to timely delivery, superior quality and a level of satisfaction to our customers. I am sure that in future our association with Red Fort Capital will not only strengthen but will also pave to strategic alliances. Mr. Jain added.
Speaking on the investment, Mr Parry Singh Managing Partner Red Fort Capital said “Our follow on investment in Parsvnath La Tropicana stems from our confidence in the project, it’s excellent location and its potential to be a world class development in north Delhi.“
About Parsvnath Developers Limited:
Parsvnath Developers Limited (PDL) is one of India's leading real estate developers with a pan-India presence spread over 47 cities and 16 states, across key verticals in the real estate sector. The company has a developable area of over 193 million sq. ft. and is aggressively working on 42 million sq. ft. out of which 35.16 million sq. ft. is already sold and is moving ahead towards its objective of handing over approximately 30 million sq. ft. within 24 months.
The key business segments include development of residential, commercial (office & retail), DMRC projects, Hotels, SEZs, IT Parks, third party construction with a strong project execution capability with high experienced in-house construction and procurement teams.
About Red Fort Capital:
Red Fort Capital is a leading investment management firm that invests in private and public markets across asset classes, with a particular emphasis on real estate. Its investors include international public, corporate and union pension plans, as well as insurance companies, foundations, endowments and governments.
Red Fort Capital’s team has professionals with over one hundred years of real estate experience combining Indian and international real estate development, finance and capital market expertise.
Red Fort Capital’s focus is on real estate development and investment opportunities in India, paying particular attention to congested cities. The firm invests in projects across all sectors and real estate operating companies in select markets nationwide.
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