PE-RE Fund Investments
Elan Group raises $50-M from global PE firm PAG
Global alternative investment firm PAG has invested over USD 50 million (about INR 425 crore) in Gurugram-based real estate developer Elan Ltd. The fresh funds will be used as growth capital for the firm's upcoming projects. Cushman & Wakefield was the transaction advisor for the deal. Elan Group, promoted by Akash Kapoor, Rakesh Kapoor and Ravish Kapoor, is an NCR based developer with 12 projects across locations in Gurugram and New Delhi having a total saleable area of about 15 million sq ft. Elan had recently acquired a 40-acre land parcel in Sector 106, Dwarka Expressway, Gurugram from Indiabulls Real Estate. It had also acquired 7.65 acres from Ambience Group in Sector 82, Gurugram.
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