Century Real Estate, headquartered in Bangalore, has raised Rs 175 crore from the investment firm PAG to develop a luxury housing project. Century Real Estate, is a leading developer and one of the largest landowners in southern India. They have received an investment of Rs 175 crore from global investment firm PAG for its ultra-luxurious Century Ethos project.
The company said the funds will be used to repay existing debts and to speed up the construction work of the project.
The estimated area of the Century Ethos project is about 7.3 acre. It is currently under construction phase, and is located in North Bangalore. The project includes approximately 330 luxury apartments. The price of these apartments varies and starts from Rs 3.4 crore and goes upto to Rs 12.5 crore.
Ravindra Pai, Managing Director at Century Real Estate, said, this new investment from PAG in Century Ethos confirms the growing confidence of local and foreign investors and consumers in the growing northern Bangalore region.”
The fund will help the company in faster completion of the project. Last year was the best year for the project since its launch. Another indicator that the demand for larger, higher-quality homes with luxurious outdoor areas is steadily rising.
Century Real Estate said it has over 3,000 acres of land and over 20 million square feet of residential and commercial property under construction. Representing more than 3 billion dollar in asset value. Its development portfolio of over 20 million square feet includes hotels, office buildings, residential buildings, and educational institutions.
Last month, Prestige Estates Projects announced a joint venture with Century group to develop an office park in Bengaluru with an estimated construction cost of around Rs 900 crore.
PAG is one of the leading investment companies in Asia. He manages 40 billion dollar in capital across all strategies including private equity, real estate, and absolute profits.