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Max Estates Limited, the real estate arm of the Max Group, announced a strategic investment of INR 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% stakes in two SPVs 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. Max Estates will hold 51 % in the two SPVs after the transactions are concluded.
Max Estates will use a bulk of these funds to finance its expansion into the high - growth residential market and to capitalise on market opportunities. This strategic investment will further enable Max Estates to deliver on its aspired growth trajectory of acquiring at least 2 million square feet of development opportunity every year and redefine the future of residential and commercial real estate in the NCR. Max Estates believes that this latest round of strategic investment by New York Life is an affirmation that Max Estates has the ability to execute at scale bringing real well-being to real estate in India.
New York Life owns 22.67% share in the listed entity - Max Estates. It also owns 49% 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.
Commenting on this development, Sahil Vachani, VC & MD of Max Estates said, “We are excited to announce that our ever-growing partnership with New York Life Insurance is even stronger now. This collaboration further strengthens Max Estates' financial capacity to deliver world-class commercial and residential projects in Delhi-NCR and ensures a balanced approach to capital structure to fund company’s growth trajectory. 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.’’
With a proven track record of delivering world-class commercial and residential properties, Max Estates has established itself as a leading player in the Indian real estate landscape with focus on Delhi NCR. The Company has completed a full cycle from investment to part monetization, showcasing its ability to raise capital and monetise rent-yielding assets.
