Real estate private equity firm Cerestra Advisors Ltd has brought a new investor on board by diluting a 20% stake in the company.
Gaurav Burman of Burman Family Holdings, the investment arm of Dabur promoters, has picked up the stake as an anchor Indian investor in the company that also counts London-based The Capital Group (TCP) as a majority shareholder.
The Times of India, which first reported the development, cited Cerestra managing partner Jasmeet Chhabria as saying that the firm will benefit from “the strong Indian anchoring and professional working environment the Burman family brings to the table just as TCP helps us with a robust global outreach”.
In August last year, Religare Enterprises Ltd sold its stake in Cerestra to TCP for an undisclosed amount. The deal had marked TCP’s entry into the Indian real estate investment segment.
Cerestra has built a portfolio of K12 schools, biotech, life sciences and apparel parks through acquisitions. The assets will be listed under real estate investment trusts (REITs) on the Indian or overseas bourses.
The report said that Cerestra owns a portfolio worth $125 million through nine schools and a knowledge park under two verticals, Cerestra Edu-Infra Fund and Mission Neutral.
As reported by VCCircle previously, it has bought a slew of school assets that include properties from Bangalore-based Jain Group of Institution, Mumbai-based Witty International and GEMS Education. The firm is raising roughly $400 million through both offshore and domestic vehicles for industrial parks and education assets.
Cerestra also has a joint venture with Singapore-based fund Lighthouse Canton. It recently acquired Alexandria Knowledge Park at Genome Valley in Hyderabad under the joint venture.
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