SUN Group, Vista Spaces ink pact to set up investment platform for realty
Private equity fund manager SUN Group and real estate developer Vista Spaces have entered into a pact to set up a strategic investment platform for residential and commercial real estate properties in India.
This is SUN Groups’s maiden platform-level real estate venture in India.
“There’s a huge opportunity in the Indian real estate sector for institutional money with long term view. Southern market has been much more stable and mature compared with the other bigger markets,” said Uday Khemka, executive chairman SUN Vista, the new platform. Both the partners will own equal stake in the SUN Vista platform with an option to on-board another investor.
It plans to invest about Rs 700 crore through multiple tranches over the next five years across residential and commercial assets in southern India.
“The proposed platform will develop residential developments with an average price of Rs 7,000-8,000 per sq ft across Bengaluru, Hyderabad and Chennai apart from setting up commercial assets,” said Raghuveer Veeramachaneni, joint MD, SUN Vista.
SUN Group is a leading principal investor and PE fund manager in India and other emerging and transforming markets.
SUN Group has brought $6.5 billion into India so far. It owns real estate valued at over $1 billion in India across asset classes.