Suntek Realty Firms receives funding from global investment firm- KKR

Suntek Realty

Mumbai-based premium real estate developer has announced the signing of a definitive agreement with leading global investment firm KKR for the construction of its flagship projects in the city. Under the said agreement, KKR’s investment vehicles, will provide funding up to Rs150 crore (US$22.4 million) towards the construction of Sunteck’s flagship luxury residential developments viz. Signia Isles and Signia Pearl to be located in Bandra Kurla Complex, Mumbai.

Talking about the partnership, Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd., said, “We are excited to enter into a relationship with such a major and experienced global investor like KKR and attract this strategic investment. In the past, Sunteck has grown with a good mix of debt and equity with few and exclusive partners and going forward, looks at this transaction with KKR as the initiation of a long-term strategic partnership.   We see appealing acquisition and growth opportunities in today’s market and believe Sunteck can leverage its brand and execution strength – and that of its partners – to explore large acquisition opportunities in the near future.”

Sharing his thoughts on the partnership, Sanjay Nayar, CEO of KKR India was quoted saying, “We are delighted to have partnered with Sunteck. KKR’s investment in Signia Isles and Signia Pearl is the beginning of our relationship with the group. Sunteck has a strong reputation and execution track record in Mumbai, where we see compelling residential and commercial real estate investment opportunities. We look forward to deepening our relationship with the group to explore more of these opportunities in the future.”

Signia Isles and Signia Pearl, expecting openings in 2016,  has brought in lot of interest from high-profile tenants such as industrialists, senior executives of leading financial services firms and corporations, and Bollywood personalities.