Tata Housing turns to US PE player to raise capital
Nov 22 2012 , Mumbai
Portman Holdings has invested around Rs 70 crore for 26 per cent equity in Tata Housing’s luxury housing project The Promont in Bengaluru. Promont the luxury project is valued at 240 crore.
YES Bank was the financial advisor on this transaction.
Brotin Banerjee, MD and CEO, Tata Housing, said, “Portman Holdings clearly recognises the opportunity for long term and sustained growth in the Indian housing market.”
Tata Housing has 60 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. Tata Housing has projects from value to luxury housing, and offers projects ranging from Rs 5 lakh to Rs 14 crores.
Around 25 per cent of 60 million sq ft are luxury projects. “We have luxury projects in Delhi, Bengaluru and Lonawala,” said Rajeev Dash, head marketing services, Tata Housing.
The company would look at more private equity investments for its other projects as well, said Dash.
Rahul Anand, MD, Portman Holdings India, said The Promont is a great addition to our residential portfolio in India and fits well with our investment strategy for the country.
The Promont is an exclusive, gated, luxury community of terraced hillside residences on Bengaluru’s hill at Promont Hills, South Bengaluru intended for the new affluent segment of consumers that have a distinct lifestyle preference, and often live in suburbs, Tata Housing said in a release.
This project is designed by the world-renowned architect Moshe Safdie, the visionary and creator of some of the most enchanting landmarks in the world, such as the Marina Bay Sands Resort in Singapore.
Promont is Moshe Safdie’s first residential development in India. Promont consists of apartments from 2,376 sq ft to 3,205 sq ft.
Portman Holdings is a real estate development, investment and management company with an international presence.