Century Real Estate secures a Rs 175 crore

SOURCE: Economic Times 

Century Real Estate secures a Rs 175 crore

NEW DELHI: Century Real Estate, located in Bengaluru, has secured Rs 175 crore from investment group PAG to create a premium housing project. Century Real Estate, a major developer and one of the major landowners in South India, said that it has received a Rs 175 crore investment for its ultra-luxury project Century Ethos from global investment company PAG.

The corporation stated that the capital will be used to speed the project’s completion and to repay current debt.

The 7.3-acre property is now under development in prestigious North Bengaluru and will feature around 330 premium flats. Units are priced between Rs 3.5 crore to Rs 12.5 crore.

“This new investment by PAG in Century Ethos reaffirms the growing trust of local and global investors and customers in the potential North Bengaluru sector,” stated Ravindra Pai, Managing Director of Century Real Estate.

The financing would assist the corporation in expediting the project’s completion, he noted.

“The past year has been the project’s greatest year since its inception – yet another indication that demand for larger, higher-quality houses with extravagant open spaces is firmly on the increase,” Pai added.

Century Real Estate stated that it has a land bank of over 3,000 acres and over 20 million square feet of residential and commercial properties under development, totaling over USD 3 billion in asset value.

Its almost 20 million square feet development portfolio comprises hotels, business buildings, homes, educational institutions, and integrated townships.

Prestige Estates Projects launched a joint venture with Century company last month to create an office park in Bengaluru at an estimated cost of about Rs 900 crore.

PAG is a significant investing business in Asia. It manages around USD 40 billion in funds across a variety of strategies, including private equity, real estate, and absolute returns.

Century Real Estate secures a Rs 175 crore

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Century Real Estate secures a Rs 175 crore Century Real Estate secures a Rs 175 crore Century Real Estate secures a Rs 175 crore

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