Tata Housing Development Company, a privately held subsidiary of the group holding entity Tata Sons Ltd, has raised its first private equity funding for a project in Bangalore from US-based real estate development-cum-investment firm Portman Holdings. The deal value is pegged at Rs 65 crore ($12 million), valuing the project at Rs 240 crore.
The investment is for a luxury housing project called The Promont, where the fund has taken a minority stake. The Promont is a gated, luxury community of terraced hillside residences in South Bangalore.
Rahul Anand, managing director of Portman Holdings India, said, “The Promont is a great addition to our residential portfolio in India and fits well with our investment strategy for the country.”
Yes Bank was the financial advisor on this transaction.
The project is designed by the international architect Moshe Safdie and it is his first residential development in India. This joins the family of fine luxury properties, envisioned by Tata Housing to cater to the top end of the market, and consists of apartments spanning 2,376-3,205 sq. ft.
Headquartered in Atlanta, with global offices in Shanghai, Seoul and Mumbai, the Portman Holdings team commands a successful global network. So far, it has invested in approximately 3 million sq. ft. of property and continues to seek opportunities within the Indian real estate market. It has been investing in India since 2009.
Tata Housing is one of the few pan-India realty developers in a market where regional developers dominate. It has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bangalore, Chennai, Kolkata and Bhubaneswar. The company is now in the process of expanding its footprint to other parts of India, across tier I and tier II cities.
The company has also ventured into foreign markets such as the Maldives and is actively exploring other markets like Sri Lanka and other South Asian countries.
(Edited by Sanghamitra Mandal)