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Goldman may fund Century SPV
By siliconindia
Bangalore: Goldman Sachs may invest around $200 million (Rs 800 crore) in Bangalore based real estate player Century Group. Sources close to the development said that the investment banking and securities firm is in advanced discussions and an announcement to this effect is expected shortly, reported The Economic Times.
The real estate fund of Goldman Sachs is seen infusing liquidity into a special purpose vehicle (SPV) for commercially developing over 300 acre of land parcel near Yelahanka in north Bangalore, which is in close proximity to the upcoming international airport.
Goldman Sachs has identified real estate and infrastructure as the key sectors for investment and has committed investments worth over $2 billion in India. When contacted, Century Group said, "No funding plan has been finalized yet. We will let you know once there is a development."
Apart from Dayanand Pai led Century Group, which is arguably the biggest aggregator of land in and around Bangalore over the last 25 years, Goldman Sachs is also investing in the Peninsula Realty Fund (PRF) promoted by Ashok Piramal group.