Track2Realty: Tata Housing has got an investment by Portman Holdings into its luxury housing project “The Promont” in Bengaluru. This is the first private equity funding for a Tata Housing project.
Tata Housing has raised equity in Promont, which is valued at 240 crores, from Portman Holdings, an Atlanta-based vertically integrated real estate development company, and an investment and management company for a minority stake in the project. YES Bank was the financial advisor on this transaction.
Brotin Banerjee, MD and CEO, Tata Housing, said, “Portman Holdings clearly recognizes the opportunity for long term and sustained growth in the Indian housing market. Their investment represents a huge endorsement for The Promont as an outstanding project”.
Ambrish Baisiwala, Chief Executive Officer, Portman Holdings, said, “The Promont is a successful project coming from a renowned real estate company like Tata Housing, and we’re very glad to be a part of its development. We have a great deal of respect for Tata Housing and their work, and we are really looking forward to working with them on this and potential future opportunities in India. ”
Rahul Anand, Managing Director of Portman Holdings India, said: “We are very excited to partner with Tata Housing. The Promont is a great addition to our residential portfolio in India and fits well with our investment strategy for the country.”
The Promontis an exclusive, gated, luxury community of terraced hillside residences on Bengaluru’s exclusive hill at Promont Hills, South Bengaluru intended for the ‘new affluent’ segment of consumers that have a distinct lifestyle preference, and often live in suburbs.
This project is designed by the world renowned architect Moshe Safdie, the visionary and creator of some of the most enchanting landmarks in the world, such as the Marina Bay Sands Resort in Singapore. The Promont is Moshe Safdie’s first residential development in India. This masterpiece joins the family of fine luxury properties envisioned by Tata Housing to redefine the face of luxury living in India and consists of apartments from 2,376 square feet to 3,205 square feet.
