Kotak Realty invests Rs250 crore in Emaar MGF projects

Kotak Realty invests Rs250 crore in Emaar MGF projects
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First Published: Thu, Sep 09 2010. 12 22 PM IST
Updated: Thu, Sep 09 2010. 12 22 PM IST
Mumbai: Kotak Realty Fund, a unit of financial services firm Kotak Mahindra Bank, has invested Rs 250 crore (around $53.68 million) in two projects of Emaar MGF, a top official said on Thursday.
“We are investing Rs 250 crore in Emmar MGF’s residential project in Gurgaon,” said V Hari Krishna, Director, Kotak Realty Fund told Reuters.
Earlier in the day, Mint newspaper, quoting unnamed sources, reported the investment.
Kotak has invested in two properties-Emerald Estates and Palm Terraces-both located at Gurgoan, in the National Capital. Region (NCR). The investment was made from its domestic fund, which has a corpus of Rs1600 crore, Krishna said.
“It’s largely pre-sold projects and so, relatively no-risk. And this gives us an opportunity to participate in high-growth Gurgaon market,” he added.
Emaar MGF is a joint venture between Indian lender MGF and Dubai’s Emaar Properties, which is best known for its Burj Khalifa tower in Dubai, the world’s tallest building.
In April, the company had announced it hoped to launch a $770-million IPO within 90 days, a move that has been stymied by an indifferent stock market and slowing property sales after a sharp run in prices this year.
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First Published: Thu, Sep 09 2010. 12 22 PM IST