Kuwait's Hayat steps into domestic realty

Both partners commits $100 mn in the next 2 years

Kuwait-based invest company Hayat Invest as part of its entry into domestic realty market, has announced its maiden residential project near Chennai, in partnership with the city-based XS Real Group.

“Hayat Investment company, Ariston Hayat RE Assets Investment (Mauritius), would invest about $100 million in two years. For the first two projects, it will invest $25 million,” XS Real Group chairman SG Prabhakharan said.

Also, both partners are in final stages to conclude a deal for the second residential project, he added.

The Hayat’s arm and XS Real have both formed an  SPV, Jacaranda Properties, to manage the real estate project. The first project with around 1,500 apartments on the Old Mahabalipuram Road would cater to the mid-segment.

It is expected to be launched by the end of June 2014, said N Shankar, CEO of XS Real Properties.