Renowned Global investment firm KKR (formerly Kohlberg Kravis Roberts) has pumped up the real estate market of Rajarhat by investing Rs 180 crore for a prime mixed-use project in the city. According to sources, this deal will further enhance the real estate market in the nearby areas of Rajarhat.
In a recently concluded meeting, it was revealed that KKR has made an investment in Mani Casadona, an office cum residential cum retail complex developed by Magus Bengal Estate LLP. The project is spread across 13 acres of area and is situated in Action Area II. It has a combined built-up space of 1.7 million square feet. Of which 700,000sq ft of the space has already been occupied. The transaction of the entire project took place recently.
The firm is also planning to invest in several other projects of the Mani Group including Durgapur’s IQ City which is spread over 100 acres where a medical college and a hospital is already operating.
Giving more information on the above deal, spokesperson of KKR said, “We have financed the office building through KKR’s real estate-focused non-banking finance company (NBFC).”
An industry expert says that this deal will further enhance the overall real estate of the New Town-Rajarhat stretch where in some more big ticket development can take place in both residential and commercial segments.
Rajarhat- New Town is a fast growing satellite town in Kolkata which in recent times has emerged as an affordable real estate market for both buyers as well as realtors. With several planned and proposed infrastructural development and smooth connectivity to the other parts of the city, the area can become a major growth driver in the next few years.
Talking about KKR, the company first invested in the Indian real estate market in 2006. Till today, the firm has already spent around $3 billion for the Indian companies via the private equity arm and offered $5 billion and more as financing for companies through its realty and corporate-centric NBFCs.