Private Equity

PE-RE Fund Investments

PAG to invest with Shapoorji Pallonji to revive luxury residential project in South Mumbai

Economic Times  

Realty developer Shapoorji Pallonji Real Estate and PE investor Pacific Alliance Group (PAG) have stepped in to revive a super-luxury residential project, The Minerva, India's tallest residential structure, in South Mumbai's Mahalaxmi locality. PAG will join Indiabulls Housing Finance, which is an existing investor in the ultra-luxury project, as the financial partners for Minerva. The existing developer Lokhandwala Kataria Constructions will continue to be the development partner that will execute the project. Shapoorji Pallonji Real Estate will now be responsible for branding, sales & marketing of the project. The 91-storeyed and over 300-metre-tall high-rise overlooks the Mahalakshmi Racecourse and the Arabian Sea. With a saleable area of around 1.2 million sq ft, a revenue potential of over INR 1,500 crore is expected to be generated through the balance inventory that is yet to be sold. The project has a total 372 apartments, and several celebrities and businessmen have already purchased homes in this project. It has already received partial occupation certificate (OC) from the civic authority up to the 51st habitable floor, and over 200 home buyers are expected to move in soon. The rehabilitation component of the project is also nearing completion.

From the Venture Intelligence PE-RE Deal database: In Aug-20, Shapoorji Pallonji Real Estate (SPRE) had raised USD 100 million (around INR 750 crore) from Asia Pragati, the non-banking finance company arm of PAG, to meet some loan obligations.