Money & Banking

Kotak Special Situations Fund acquires Prius Commercial Projects for ₹450 crore

Our Bureau Mumbai | Updated on March 10, 2021

Kotak Special Situations Fund (KSSF), which is managed by Kotak Investment Advisors Limited (KIAL), Wednesday. announced that it had acquired Prius Commercial Projects (Prius) under insolvency and bankruptcy code (IBC) for ₹450 crore.

“In an all-cash deal, KSSF led consortium emerged as the successful resolution applicant, with the NCLT, Delhi duly approving its resolution plan,” it said in a statement.

Following the acquisition of Prius, KSSF has now closed its first investment under the IBC platform, it further said, adding that it has been investing from its $ 1 billion fund in a variety of structured investment situations.

Eshwar Karra, CEO, KSSF at KIAL, said, “This investment is in line with our funds objective of acquiring value assets on the IBC platform.”

Prius is engaged in leasing commercial space and owns the building named ‘Prius Platinum’ in Saket, Delhi, with a leasable area of 2.59 lakh square feet.

“The controlling stake held by KSSF provides it a platform to build a portfolio of office assets along the lines of Prius, leveraging on the group's extensive expertise in real estate as well as a resolution of stressed assets,” the statement said, adding that the investment targets refurbishment and leasing of Prius' office space.

KSSF’s real estate portfolio management experience will support a professional management team.

Published on March 10, 2021

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