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Goldman Sachs invests Rs 610 crore in Gurgaon-based Vatika Group
Of the total investment, Rs 245 crore will be used to accelerate construction in the first phase of a commercial project of Vatika Group situated near NH-8.
Goldman Sachs, the global banking and investment giant, has pumped in Rs 610 crore in Gurgaon-based real estate developer Vatika Group.
Of the total investment, Rs 245 crore will be used to accelerate construction in the first phase of a commercial project of Vatika Group situated near NH-8. The remaining Rs 365 crore that has been extended by Goldman Sachs as a debt facility to Vatika hotels to facilitate a pre-payment to Piramal Enterprises, Moneycontrol reported.
Vatika Group aims to develop 2.2 million sq-feet of space in two phases near NH-8. The first phase is expected to be completed by May this year, while the second phase is likely to be completed in 18-24 months.
This is not for the first time that Goldman Sachs has tied-up with Vatika Group. In 2007, Goldman Sachs had invested Rs 100 crore in Vatika Business Park and in 2014 it has injected Rs 255 crore in Vatika Hotels.
Managing Director of Vatika Group Gaurav Bhalla was quoted as saying that such investments are the need of the hour and will help accelerate in delivering the project on time.
Till date, Vatika Group has delivered 42.3 million sq-feet of developed space and a number of commercial buildings spread across Delhi and National Capital region (NCR). These properties are located near MG Road, Golf Course Road, Golf Course Extension Road, Sohna Road, NH-8 and Mathura Road.
Last month, Vatika Group had signed an agreement with UK-based Dentsu Aegis Network to providelease of 1 lakh sq feet of office space at Sector 44 in Gurugram, Haryana.
The standalone commercial building is likely to be ready by July this year and will provide job opportunities to more than 1,100 employees and support staff. The total investment in the project is around Rs 65 crore. It will be constructed on a “build to suit” model.
