 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Century Real Estate has raised Rs 1,850 crore debt to expand its business and encash strong demand for properties.
The company will use this fund in both ongoing and upcoming housing and commercial projects.
In a statement on Thursday, Bengaluru-based Century Real Estate said it has secured "Rs 1,850 crore in debt funding, led by Ares Asia and SC Lowy".
The fund will help in driving the company's expansion strategy and supporting both new and existing projects in Bengaluru.
The funding round was spearheaded by Ares Asia, which invested Rs 1,600 crore in two tranches, while SC Lowy contributed Rs 250 crore to support the development of residential and Grade A commercial spaces.
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Ravindra Pai, Managing Director, Century Real Estate, said, "Securing Rs 1,850 crore in funding is a testament to the trust our financial partners place in Century Real Estate's vision and execution." With Bengaluru's real estate market witnessing strong demand for both residential and Grade A commercial spaces, Pai said this capital infusion empowers the company to accelerate its expansion.
Founded by P Dayananda Pai and P Satish Pai in 1973, Century Real Estate is one of the leading real estate companies in South India.
The company has a land bank of over 3,000 acres, and a development portfolio of over 20 million square feet, comprising premium residential and commercial assets like hotels, office buildings, residences, educational institutions, and integrated townships.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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