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KKR invests $21.5 mn in Mantri Developers’ Bangalore project

20 May, 2016

Bangalore-based Mantri Developers Pvt Ltd said on Friday it has signed a definitive agreement to raise Rs 145 crore from private equity firm KKR & Co Ltd.

The investment is for an ongoing luxury residential project in Bangalore that spans across 1.3 million square feet, the developer said in a statement.

Mantri Developers, founded by Sushil Mantri in 1999, has constructed residential and retail projects as well as IT parks and educational institutions. It claims to have built 28 projects so far covering an area of 18 million sq ft while about 23 million sq ft space is at various stages of construction.

Sanjay Nayar, CEO of KKR India, said the investment underscores the firm’s confidence in Bangalore’s real estate sector and economic prospects.

KKR has exposure to the Indian real estate market through its non-banking finance arm, which was set up in early 2015 with Singapore’s sovereign wealth fund GIC as an investor. KKR also has another debt platform in India through which it invests across different sectors. 

In February, KKR agreed to invest Rs 150 crore in two projects of Mumbai-based developer Sunteck Realty Ltd. In December, the PE giant invested Rs 200 crore in Gurgaon-based developer SARE Homes for a bunch of projects in the national capital region. 

Global investors have ramped up their activity in real estate lately to tap into the long-term growth potential of the sector. In 2015, real estate attracted $2.8 billion to touch a multi-year high on the back of interest from global investors such as Warburg Pincus and Blackstone, among others. 

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KKR invests $21.5 mn in Mantri Developers’ Bangalore project

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