New Delhi: New York Life Insurance Company has invested Rs 388 crore to acquire a 49 per cent stake in two operational office complexes of Max Estates, a real estate firm of Max Group.
Max Estates would use this fund mainly for expansion and growth. In a regulatory filing, Max Estates announced a strategic investment of Rs 388 crore from New York Life Insurance Company, America's largest mutual life insurer. "Upon the transaction's close, New York Life will acquire 49 per cent stakes in two SPVs (special purpose vehicles) of Max Estates that hold Max Towers and Max House (Phase I & II). Both are rent yielding operational commercial real estate projects located in Noida and Delhi, respectively," the company said.
Max Estates will hold 51 per cent in the two SPVs once the transactions are concluded. New York Life owns a 22.67 per cent stake in Max Estates. That apart, it also owns a 49 per cent stakes in Max Estates' new commercial projects in Delhi-NCR. It 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. Max Estates said it would use a bulk of these funds to finance its expansion into the high-growth residential market and to capitalise on market opportunities.
