KKR to invest Rs 150 cr in 2 Mumbai realty projects

Global investment firm KKR will invest up to Rs 150 crore in two luxury housing projects which are being developed by Sunteck Realty in Mumbai. Sunteck said a definitive agreement had been signed with KKR, under which KKR's investment vehicles would provide up to Rs 150 crore ($22.4 million) of funding to Sunteck's housing projects 'Signia Isles and Signia Pearl' in Mumbai.

Sunteck Realty has a development portfolio of about 25 million square feet spread across 24 projects and 4 rented assets.

Sunteck Realty CMD Kamal Khetan said: "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."

Located in leading business district Bandra Kurla Complex, the luxury developments are Sunteck's flagship projects and landmark residential developments in the city.

With anticipated openings in 2016, the two projects have garnered interest from high-profile tenants including national industrialists, senior executives of leading financial services firms and corporations, and Bollywood personalities.