Real estate company Puravankara is in talks with global institutional investors to form two separate investment platforms with a combined corpus of Rs 3,000 crore by leveraging some of its assets to fund its future expansion plans.
The Bengaluru-based company is in talks with Ascendas, GIC and Brookfield Properties among others for the proposed investment. The deal will see Puravankara offering 2.5 million sq ft of office assets in Bengaluru and the funds will be used by the builder to finance its ongoing housing projects and for commercial portfolio expansion.
Puravankara is expanding its commercial portfolio in alignment with prevailing market sentiment. The company plans to double its commercial portfolio to 10 million sq ft over the next five years.
Puravankara recently forayed into plotted development in a bid to diversify its portfolio. It plans to launch 5.5 million sq ft of plotted development across Bengaluru, Coimbatore, and Chennai, apart from venturing into Pune, Hyderabad, and Mumbai through its subsidiary Purva Land.
The company has completed and delivered 40 million sq ft of projects and has around 21 million sq ft under development across residential and commercial segments.