Century Real Estate raises Rs 175 cr for luxury housing project

18 May 2021 CW Team

Century Real Estate, based in Bengaluru, has raised Rs 175 crore from investment firm PAG for the development of a luxury housing project.

Century Real Estate, a leading developer and one of South India's largest landowners, announced a Rs 175 crore investment from global investment firm PAG for its ultra-luxury project Century Ethos.

The fund, according to the company, will be used to expedite the construction of the project as well as to retire existing debt.

The 7.3-acre project, which is currently under construction, is located in prime north Bengaluru and will house approximately 330 luxury units. The prices of the units range between Rs 3.5 crore and Rs 12.5 crore.

The fund will assist the company in hastening the project's completion, Ravindra Pai, Managing Director at Century Real Estate told the media.

Century Real Estate stated that it has over 3,000 acres of land bank and over 20 million sq ft of residential and commercial assets under construction, representing a total asset value of more than $3 billion.

Its over 20 million sq ft development portfolio includes hotels, office buildings, residences, educational institutions, and integrated townships.

Prestige Estates Projects announced a joint venture with Century Group last month to develop an office park in Bengaluru at a cost of around $123 million.

PAG is a leading investment firm in Asia. It manages $40 billion in capital across various strategies such as private equity, real estate, and absolute returns.

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