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NewsVoir
New Delhi [India], September 25: Further to our previous intimation dated 1st May 2024, regarding the strategic investment by New York Life Insurance Company ("NYL"), Max Estates Limited ("Max Estates") is pleased to announce the successful closure of the transaction with New York Life Insurance Company acquiring 49 per cent stake in Max Towers and Max House (Phase I & II), by deploying Rs 391 Crore, marking a key milestone in the partnership. Both are rent-yielding operational commercial assets located in Noida and Delhi. Max Estates continue to hold a 51 per cent stake in both SPVs. With this investment, NYL has now committed a cumulative amount of Rs 1200 Crore with Max Estates. This infusion of capital enhances Max Estates' ability to accelerate its growth plans across both commercial and residential real estate segments. Following the Qualified Institutional Placement (QIP), Max Estates now has an Equity growth capital of more than Rs 1200 Crore, which will be instrumental in expanding its operations and seizing new opportunities in the real estate sector. Commenting on this development, Sahil Vachani, MD & CEO of Max Estates, said, "We are pleased to announce that our partnership with New York Life Insurance has grown from strength to strength. This capital infusion significantly enhances Max Estates' financial capability to deliver top-tier commercial and residential projects in Delhi-NCR while ensuring a well-balanced capital structure to support the company's growth plans. The plan is to allocate a significant portion of these funds to support its expansion into the rapidly growing residential market and seize emerging opportunities. This strategic investment will also help Max Estates achieve its goal of acquiring at least 3 million square feet of development opportunities annually while reshaping the future of real estate in the NCR Region." Established in 2016, Max Estates Limited is the real estate arm of the Max Group. With the purpose of 'Enhancing Quality of Life through spaces it creates', it has chosen to create premium commercial and residential spaces in Delhi NCR. The company has developed a very well diversified portfolio of real estate across the two asset classes in Delhi NCR and in this pursuit has partnered with New York Life Insurance Company (NYL) particularly for commercial office platform. Its marquee projects include a one-of-its-kind commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House - a re-development of office campus, Max Square, located on a primary office vector - Noida Expressway and, 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun. It has two under construction commercial office projects - Max Square Two, adjacent to Max Square and a project located on main Golf Course Extension Road marking its entry in commercial office segment in Gurugram. On the residential front, the company has successfully launched and sold its first project in Delhi NCR in CY 2023, Estate 128, which is being developed in Noida and its second project, Estate 360, was launched in second half of CY 2024 in Gurugram. Max Estates also has a real estate services & management company - Max Asset Services. Max Estates Limited is listed on NSE and BSE. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
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