New York Life invests Rs 388 cr in Max Estates SPVs – Industry News

New York Life Insurance Company has invested Rs 388 crore in two special purpose vehicles (SPVs) of Max Estates, the real estate arm of Max Group.

New York Life will hold a 49% stake in the two SPVs that hold Max Towers and Max House (Phase I & II), while Max Estates will hold 51% once the transaction is closed. Both are rent-yielding operational commercial real estate projects located in Noida and Delhi, respectively.

Max Estates will use the bulk of these funds to finance its expansion in the high-growth residential market and to capitalise on market opportunities, the company said. 

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“This investment will further enable us to deliver on our aspired growth trajectory of acquiring at least 2 million square feet of development opportunity every year,” it said.

New York Life owns 22.67% in the listed entity – Max Estates. It also owns 49% stake 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.“This collaboration further strengthens Max Estates’ financial capacity to deliver world-class commercial and residential projects in Delhi-NCR. It signifies continued confidence from institutional investors in the growth potential of the company and its ability to unlock significant value for all stakeholders with right market-product combination in the real estate sector in India,” Sahil Vachani, vice-chairman and managing director at Max Estates, said.