NEW DELHI: Max Estates, the real estate arm of the Max Group, has received an investment of Rs 388 crore from New York Life Insurance Company.
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 & 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. It aims to acquire at least two million sq ft every year.
New York Life owns 22.67% share in Max Estates. It also owns 49% stakes in Max Estates’ new commercial projects in Delhi-NCR including Max Square and two under construction projects in Noida and a project in Gurugram.
