Provenance Land, who has Hyatt Regency hotels and Four Seasons to its credit, has recently announced its plan to raise nearly Rs 1,000 crore through private equity funds. The funds will reportedly be poured in to develop a premium office tower on a 2-acre plot in Worli, Mumbai. The total area built will be around 600,000 sq ft.
With this planned project, Provenance Land will foray into the commercial real estate space. The approximate cost of the project is about Rs 900 crore, and will be launched within eight months. It is located next to Hotel Four Seasons at Worli.
As per reports, the funding of this project will be through internal accruals; the company will still however, require an investment partner. Although no investor names were revealed, reports earlier this year indicated that Singapore’s state investor GIC is looking to purchase 50 per cent stake in Provenance Land.
The company has previously developed five greenfield realty projects in the country.