KKR to Fund Sunteck Realty's Flagship Residential Project in Mumbai
MUMBAI - February 3, 2016 - Sunteck Realty Ltd., A Mumbai-based premium real estate developer, today announced the signing of a definitive agreement with leading global investment firm KKR under which KKR's investment vehicles would provide up to Rs150 crore (US$22.4 million) of funding to Sunteck's flagship luxury residential developments in Mumbai, Signia Isles and Signia Pearl.
Located in Mumbai's leading business district Bandra Kurla Complex, the luxury developments are Sunteck's flagship projects and are landmark residential developments in the city. With anticipated openings in 2016, Signia Isles and Signia Pearl have garnered interest from high-profile tenants including national industrialists, senior executives of leading financial services firms and corporations, and Bollywood personalities.
"We are delighted to have partnered with Sunteck. KKR's investment in Signia Isles and Signia Pearl is the beginning of our relationship with the group," said Sanjay Nayar, CEO of KKR India. "Sunteck has a strong reputation and execution track record in Mumbai, where we see compelling residential and commercial real estate investment opportunities. We look forward to deepening our relationship with the group to explore more of these opportunities in the future."
Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd., said, "We are excited to enter into a relationship with such a major and experienced global investor like KKR and attract this strategic investment. In the past, Sunteck has grown with a good mix of debt and equity with few and exclusive partners and going forward, looks at this transaction with KKR as the initiation of a long-term strategic partnership. We see appealing acquisition and growth opportunities in today's market and believe Sunteck can leverage its brand and execution strength - and that of its partners - to explore large acquisition opportunities in the near future."
About Sunteck Realty Ltd.
Sunteck Realty Limited (SRL) is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment. SRL boasts of a city centric development portfolio of about 25 million square feet spread across 24 projects and 4 rented assets. Sunteck's flagship projects at Bandra Kurla Complex(BKC) comprises of three residential projects: Signature Island, Signia Isles and Signia Pearl which are home to some of the head honchos of top global conglomerates. Another key project of Sunteck is a 23 acre township known as Sunteck city, a mixed-used development in Goregaon (W). Sunteck also has projects in Sion, Borivali, Andheri, Airoli(Navi Mumbai) amongst other locations in Mumbai. Sunteck is listed on BSE and NSE, SRL is backed by respected strategic partners like Ajay Piramal, Kotak Realty Fund and noted pension funds, FIIs and Private Equity. Sunteck today enjoys one of the strongest balance sheets with negligible debt levels and visible cash flows.
For more information about the company visit www.sunteckindia.com
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world?class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.