India's Prestige Estates inks $240 mln real estate deal with ADIA, Kotak AIF

Prestige Estates Projects

01/04/2024 05:21

BENGALURU, April 1 (Reuters) - Indian real estate
developer Prestige Estates Projects  PREG.NS  has signed a 20.01
billion rupee (about $240 million) deal with the Abu Dhabi
Investment Authority and Kotak Alternate Investment Fund to
develop residential projects in the country.
    The deal is to develop residential projects in "prominent
locations" across the Indian cities of Bengaluru, Mumbai, Goa,
and the National Capital Region, with a combined gross
development value of over 180 billion rupees ($2.16 billion),
Prestige said in a stock exchange filing on Monday. 
    Prestige rose nearly 5% at 1,225 rupees in early trade and
was the top gainer on the Nifty realty index  .NIFTYREAL , which
was up 1.6%     
           
($1 = 83.3110 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))