Portman Holdings holds 26% stakes in Tata’s Promont
Bangalore- Portman Holdings is all set to invest around 65 crore and 83 crore in Promont, a Bangalore project of Tata Housing which is the real estate arm of Tata Group.
Portman has picked about 26 to 30 percent stake in the high-end residential project, whose equity valuation is 250 crore. The firm has investments in two projects being developed by Kolte Patil Developers in Pune.
The US-based integrated real estate development, investment and management company is going to be the first private equity investment in Tata Housing. The company has worked with Tata Group in the past while executing the Taj Wellington Mews service apartments in Mumbai.
Portman Holdings, which is looking to invest in and develop residential projects with leading urban developers, is aware of the persistent growth in the Indian housing market, alleged Brotin Banerjee, CEO and managing director of Tata Housing.
Portman even had plans to raise a $300-million fund from third party investors. Before June 2013, the investment firm plans to seal six more investments, revealed Rahul Anand, managing director of Portman Holdings India.
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Bangalore, Fund, high-end residential project, Indian housing market, Investments, Kolte Patil Developers, Mumbai, Pune, Real estate development, stake, Taj Wellington Mews, Tata Group, Tata Housing
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