In order to develop a high-end luxury project in Bengaluru, City-based developer Century Real Estate is currently in talks with leading group Piramal Ivanhoe Residential Equity Fund to raise funds for this upcoming project. The deal is said to be valued worth Rs 250 crore.
The residential project will be developed in sprawling 10 acres of area and will be located in the central business districts of the Bengaluru. According to sources, both the groups are currently holding talks and it is expected to be concluded by April. Also, they said that the deal will be a structured transaction where the fund will pick up equity at the project level.
Recently, Piramal Capital & Housing Finance has signed a co-investment fund with Ivanhoe Cambridge, a real estate subsidiary of Canada’s Caisse de Depot et Placement du Quebec (CDPQ) in order to provide long-term equity to developers across five metro cities. Ivanhoe Cambridge has already made its commitment to invest $250 million in the real estate.
Sources further informed that if the deal gets finalizes, then it will be the second fund transaction in the country.
Earlier this month, both Piramal and Ivanhoe announced to invest Rs 500 crore in Lodha’s integrated housing project and a smart city- Lodha Palava in Mumbai Metropolitan Region.