Parsvnath Developers Limited ("PDL"), one of India's leading real estate and infrastructure providers, has inked an agreement with SUN-Apollo India Real Estate Fund LLC ("SUN-Apollo"), an international real estate private equity fund for an investment in its premium residential project at Ghaziabad, Uttar Pradesh ("Project") spread over an area of approx. 31 acres known as "Parsvnath Exotica - Ghaziabad". SUN-Apollo will invest upto INR 1,000 Million for a 49.9% stake in the project SPV, Parsvnath Buildwell Private Limited, which will develop the Project.
The construction of the Project has already commenced and all requisite approvals including sanction of building plans, besides various other approvals such as environmental clearance, etc., have already been obtained.
Commenting on the investment by SUN-Apollo, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said,
"This is the fifth project being developed by us in which foreign investors have made foreign direct investment. This is the second project being developed by PDL, where SUN-Apollo has made an investment. In 2009, SUN-Apollo had made investment in "Parsvnath Exotica Part-II Gurgaon" being developed by PDL through its SPV, Parsvnath Hessa Developers Private Limited.
"The continuous inflow of foreign direct investment in projects being developed by PDL shows confidence of the investors in PDL" Mr. Jain added.
Overview of Parsvnath Developers Limited:
With more than two decades of experience in real estate development and having completed 42 projects with an area of 12.70 million Sq. ft., PDL is currently working on 54 projects with a total area of 80.68 million Sq. ft., out of which approximately 40 million Sq. ft. is already booked. PDL has land reserves of approximately 193.98 million Sq. ft., which is spread over 45 cities and 16 states. The Company's business portfolio includes residential, commercial (office and retail), DMRC Projects, Hotels, SEZs, IT Parks and third party constructions. The Company has strong execution capabilities and experienced in-house construction and procurement teams. For further information about Parsvnath Developers Limited, please visit www.parsvnath.com.
SUN-Apollo is a US$ 630 million India dedicated real estate private equity fund. SUN-Apollo invests in development and acquisition of assets across property types. SUN-Apollo has developed from a strategic partnership between SUN Group, a leading India business and investment group principally owned by the Khemka family with operations in India, Russia & eastern Europe, and AREA Property Partners (formerly Apollo Real Estate Advisors), one of the most active global real estate investors and fund managers with operations in the United States and Europe.
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