Filed under: Uncategorized | Tags: Property in Banglore, Real Estate India
Red Fort Capital, an India focused real estate fund with commitments of $850 million, has invested $100 million in Bangalore-based Prestige Developers. Subhash Bedi, one of the founding partners of Red Fort confirmed that investments were made in two separate projects developed by Prestige in Bangalore. According to industry sources, Red Fort is closing in on two more projects promoted by Prestige and is expected to commit an additional $100 million. Red Fort is targeting real estate development on the outskirts of congested cities and rapidly growing smaller cities. Prestige Group, which is enroute to a Rs 800 crore IPO, has raised around $35 million from Red Fort for a two million square feet commercial Technology Park in Bangalore. This office space will be constructed as Phase II of the existing Prestige Technology Park located on the outer ring road between Marathalli and Sarjapur and is roughly 5 kms from the upcoming international airport. Another $65 million has been channeled into Prestige’s 800 acres mega-township in Bangalore. Red Fort has also invested in 11 acres prime residential community in Chennai. Prestige is one of Bangalore’s well-known real estate developers and has a topline of Rs 600 crore. The group has interests in all aspects of real estate ranging from residential, commercial, retail and leisure. It has completed 120 projects so far, encompassing more than 10 million sq.ft. of commercial and residential space. Projects such as UB City and Prestige Shantiniketan are in the pipeline. Prestige, which was focussed on Bangalore till recently, is planning to spread into other cities, through a mall in Hyderabad, residential development in Cochin, a technology park in Chennai and villas in Goa.
Source: http://www.business-standard.com
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