Century Real Estate Secures Funding from PAG
Century Real Estate, a prominent developer based in Bangalore, has secured Rs 175 crore from the investment firm PAG. This funding will be utilized to develop a luxury housing project. Century Real Estate stands as one of the leading landowners in southern India.
The company recently received an investment of Rs 175 crore from the global investment firm PAG. This investment is earmarked for the ultra-luxurious Century Ethos project.
Fund Utilization
According to the company, the funds will be used for two primary purposes:
- To repay existing debts
- To expedite the construction work of the Century Ethos project
Project Details
Location
The Century Ethos project spans approximately 7.3 acres and is currently under construction. This luxurious development is situated in North Bangalore and includes around 330 luxury apartments. The price range for these apartments starts from Rs 3.4 crore and goes up to Rs 12.5 crore.
Ravindra Pai, the Managing Director at Century Real Estate, stated, "This new investment from PAG in Century Ethos confirms the growing confidence of local and foreign investors and consumers in the growing northern Bangalore region."
Progress and Demand
The funds will aid in the faster completion of the project. Last year marked the best year for the project since its launch, indicating a rising demand for larger, higher-quality homes with luxurious outdoor areas.
Diverse Development Portfolio
Century Real Estate boasts over 3,000 acres of land and over 20 million square feet of residential and commercial property under construction. The company’s portfolio, which is valued at over 3 billion dollars, includes hotels, office buildings, residential buildings, and educational institutions.
Recent Partnerships
Last month, Prestige Estates Projects announced a joint venture with the Century group. This partnership aims to develop an office park in Bengaluru with an estimated construction cost of around Rs 900 crore.
About PAG
PAG is recognized as one of Asia’s leading investment companies. It manages a capital of 40 billion dollars across various strategies, including private equity, real estate, and absolute profits.
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