Tribeca Buys 51 pc Stake in Acropolis Developer’s Project

Tribeca Buys 51 pc Stake in Acropolis Developer’s Project
05/02/2021 , by , in News/Views

 Realty firm Tribeca, which is developing multiple Trump towers in India, has acquired 51 per cent stake in an under-construction luxury housing project in Pune and will invest around Rs 300 crore to complete this property.

Tribeca has picked up the stake in the project ‘’Voyage to the Stars’’ from its original promoter Acropolis Developers, which now holds the remaining 49 per cent stake.

The company said that it has completed the acquisition of majority 51 per cent stake in the 1.3 million square feet luxury project, which was launched by Acropolis in 2015 but ran into financial difficulties in 2019. The company has been selected to complete this project by Acropolis and lenders.

The project offers only 3-4 bedroom apartments with a pricing of Rs 2 – 2.5 crore onwards. Tribeca pioneered the branded residential business in the country through a partnership with the Trump Organization. It made India the country with the largest number of Trump branded properties outside of North America. Trump towers are being developed in Mumbai, Pune, Gurugram and Kolkata.

In 2019, HDFC Capital Advisors and Tribeca announced a Rs 500 crore fund for development of mid-income housing projects in Mumbai and Delhi-NCR. It also tied up with Logix Group in 2019 to develop a mixed-use project in Noida, Uttar Pradesh with an investment of Rs 250 crore.

 

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