Bengaluru: Goldman Sachs leads a $150 million investment round in a real estate firm, Piramal Realty. The company plans to scale up its existing real estate portfolio and acquire major properties in and around Mumbai. Prior to this, the firm had also secured an investment of Rs.1800 crore from Warburg Pincus, a U.S.-based private equity firm.
Speaking about the new fundraising endeavor, Anand Piramal, Executive Director, Piramal Group, says, “As one of the leading investors in global real estate, Goldman Sachs has helped develop some of the world’s finest buildings, such as 15 Central Park West in New York and 16 Colleyers Quay in Singapore. Their experience and expertise will further inspire us to build world-class developments in India and achieve the highest standards of design, technology, quality, execution and customer service”.
Ankur Sahu, Co-Head - Private Equity, Goldman Sachs- Asia, cites, “We are excited to work with the Piramal Group. This investment is consistent with our ongoing strategy of partnering with India’s leading entrepreneurs to invest in sectors critical to the country’s development. The government’s focus on simplifying regulation and boosting economic growth will kick start investment and consumption. Under such a cyclical recovery the demand for high-quality, modern housing and office space from a trusted, proven brand and standard-setting developer will serve to create a significant leader in Indian real estate”.
Incorporated in 2010, Piramal Realty is the real estate division of the Piramal Group. It has over 10 million square feet of commercial and residential projects which are in development phase in major areas of Mumbai like Byculla, Bandra, Thane, Mulund and Worli. The company is also planning to launch ‘Piramal Vaikunth’, a high-class mixed-development project in Thane in the next few months.