Century Realty venture in talks with Indiareit to raise Rs 350-cr
Century Real Estate Venture – the investment arm of Bangalore-based property developer Century Real Estate Holdings – has efforts underway to raise Rs. 350 crore for developing residential projects. Towards that end, the company is currently in discussions with Indiareit Fund Advisors.
According to an unidentified source familiar with the matter, Century Real Estate Venture is in talks with Indiareit Fund Advisors to raise the mentioned sum as preferential equity, before it announces its IPO within the next one year.
Through the imminent IPO, Century Real Estate Venture is hopeful of raising Rs. 1,000 crore. The proceeds from the IPO will apparently be used by the company for funding its in-progress and forthcoming projects. In addition, the company also plans to use the money for bringing land parcels under the joint development model.
Already, under the Century Real Estate Venture, Century Real Estate Holdings has initiated joint development projects totalling 28 million sq ft with other builders, including Puravankara Projects, Embassy Group, Mantri Developers, and Shriram Properties.
Recently, non-convertible debentures worth Rs. 100 crore have been raised by Century Real Estate Holdings against two projects — Century Central, which is a 2.3-acre residential complex on Kanakpura Road; and an upcoming 50-acre township near the Bangalore airport.
Source – The Economic Times
Century Real Estate Venture, Embassy Group, Indiareit Fund Advisors, Mantri Developers, Puravankara Projects, Shriram Properties
