Century Real Estate is in talks with global and domestic funds to raise over Rs 1000 crore for commercial property development. The company which currently has 2.5 mn sq ft of commercial properties, plans to double its office portfolio in the next 4-5 years.
“We are in talks with some funds and strategic investors to create a commercial platform to build world-class office parks,” said Ravindra Pai, Managing Director of Century Real Estate.”
Century Real Estate currently owns around 3,000 acres of land across Bangalore. As a part of the growth strategy, the company is looking to tie up with builders who have a national presence to monetise a few of its land parcels.
“As per our future plans, we will develop 13.5 mn sq ft of land ourselves. We have also identified one mn sq ft of high-value land parcels which we are looking to unlock to raise equity,” said Pai.
In 2020 Century Real Estate partnered with Godrej Fund Management for a commercial business park project, Century Downtown. The following year it entered into a JV with Prestige to a 2.5 mn sq ft office park in Bengaluru. The company now plans to focus on plotted development to drive growth.
“We have been doing fairly well with most of our plotted projects selling out within three months of their launch. Due to our past success and large land bank, we will look at launching at least plotted development projects in the coming year,” said Pai.
Century Real Estate has 15.2 mn sq ft of existing and upcoming residential projects expected to be completed in the next 3-5 years. The company’s net sales grew 22% YOY and registered a 48% growth in the collection for the quarter that ended September 2022.
