PAG, A Global Fund, Makes A Rs 425 Million Investment In Gurugram-Based Real Estate Developer Elan Group

Elan Group, based in Gurugram, has purchased two land lots this year in order to develop its commercial real estate business and enter the luxury residential category.

PAG, a global alternative investment business, has invested Rs 425 crore in real estate firm Elan Ltd., which will use the funds to develop future projects.

Elan Group, based in Gurugram, has purchased two land lots this year in order to develop its commercial real estate business and enter the luxury residential category.

Cushman & Wakefield: The Deal’s Transaction Advisors

In January, the group paid Rs 580 crore to Indiabulls Real Estate Ltd (IBREL) for 40 acres of property in Gurugram for the development of housing and commercial developments.

This month, it paid nearly Rs 200 crore for another prime commercial land tract of 7.65 acres from Ambience Group in Sector 82, Gurugram.

Elan Ltd., Elan Group’s main company, announced in a statement that “PAG has invested approximately USD 50 million, or Rs 425 crores, in Elan Ltd.”

The transaction in the credit space reflects our continuous belief in the real estate growth in the Dwarka Expressway, which has emerged as the fastest growing real estate market, said Saurabh Shatdal, MD Land and Capital Market, Cushman and Wakefield.

How Elan Group Is Expanding Their Portfolio In Gurugram?

According to the company, the money would be used for expansion capital for future initiatives. “With a global fund like PAG expressing trust in the group’s management and established development track, this deal assumes enormous significance for the Elan Group,” said Sandeep Agarwal, CFO, Elan Group.

Elan Group has 12 projects in key locations in Gurugram and New Delhi, totalling about 15 million square feet of saleable area. With the 40-acre land parcel in Gurugram’s Sector 106, Elan Group is expanding its retail and commercial assets while also entering the luxury residential segment.

What Are Your Thoughts On PAG: Global Investment Firm?

PAG is one of Asia’s largest private equity, private debt, real estate, and hedge fund investment funds. Asia Pragati, a subsidiary of the Hong Kong-based PAG, has spent the last two years focusing on Indian real estate, with recent investments in Kalpatru Group, Shapoorji Pallonji Group, and Phoenix Developers, among others.

An alternative investment firm, PAG, focuses on three core strategies: credit and core, private equity, and real assets. At the end of the year 2021, PAG had 293 investment professionals in 12 main branches globally.

Join The Discussion

Compare listings

Compare