PRESTIGE ESTATES HAS secured a â¹2,001-crore funding deal with Abu Dhabi's sovereign fund, the Abu Dhabi Investment Authority (ADIA), and Kotak Alternative Fund to invest in its residential projects. The company will develop projects with a gross development value (GDV) of â¹18,000 crore across four cities, the Bengaluru-based realtor said on Monday.
The company will contribute 3040% of each project's capex and rest would be brought in by the investors.
This marks the second significant deal for the developer following its â¹11,800 crore agreement with global private equity fund manager Blackstone in 2020. During that transaction, Prestige Estates sold 14 million sq ft of completed commercial assets and an additional 10 million sq ft of assets under construction.
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