India’s Prestige Estates inks $240 million real estate deal with ADIA, Kotak AIF

BENGALURU (Reuters) – Indian real estate developer Prestige Estates Projects 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, which was up 1.6%

($1 = 83.3110 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich)


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