New York Life to acquire 49% stake in two commercial projects by Max Estates for Rs 388 crore
New York Life Insurance Co., a mutual life insurance firm based in the United States, will invest Rs 388 crore for a 49% equity stake in two commercial projects in Delhi and Noida by Max Estates' SPV.
With this New York Life Insurance Co is now 49% partner in all the commercial project by Max Estates in Delhi-NCR.
The two buildings where the New York life has purchased the stake is Max Tower in Noida and Max House in Okhla with a total leasable area of around 600,000 sq ft.
Max Towers and Max House (Phase I & II) are rent yielding operational commercial real estate projects located in Noida and Delhi, respectively Max Estates will hold 51 % in the two SPVs after the transactions are concluded.
Max Estates will use a bulk of these funds to finance its expansion into the high — growth residential market. This will also help the company on its growth trajectory of acquiring at least 2 million square feet of development opportunity every year.
New York Life owns 22.67% share in the listed entity — Max Estates. It also owns 49% stakes in Max Estates’ new commercial projects in Delhi-NCR, which includes Max Square, which is already operational on Noida Expressway in Noida; and two under construction projects Max Square Two located adjacent to Max Square and a project located on main Golf Course Extension Road, Gurugram.
“This collaboration further strengthens Max Estates' financial capacity to deliver world-class commercial and residential projects in Delhi-NCR and ensures a balanced approach to capital structure to
