Atlanta-based Portman Holdings is investing in a luxury residential development in India, a significant step in a market where the company could help raise up to $300 million in the coming years.
Portman is partnering with Tata Housing, a real-estate development subsidiary of the Tata Sons conglomerate, to fund The Promont, a project located on terraced hillsides outside Bangalore, a prominent technology hub. The development will include apartments from 2,376 square feet to 3,205 square feet, according to a Portman news release.
According to a Tata statement, the value of the development is 240 crore Indian rupees, which translates to nearly $44 million at current exchange rates. Portman’s 26 percent stake is at least 65 crore rupees, about $11.8 million. The deal is the first private-equity funding raised for a project developed by Tata Housing, which was founded in 1984.
India is a country of fast-moving, chaotic cities, and the development targets a class of affluent buyers that often move out to the suburbs.
“We are very excited to partner with Tata Housing. The Promont is a great addition to our residential portfolio in India and fits well with our Investment Strategy for the country,” said Rahul Anand, managing director of Portman Holdings’ India operations, in a statement.
Portman established its Mumbai office in 1998 and provided oversight on projects like the Indian School of Business inHyderabad and the Taj Wellington Mews, another luxury residential development in Mumbai.
Since 2009, the company has invested in about 3 million square feet of space in India’s gateway cities and is seeking additional opportunities, according to the release.
The Promont was designed by architect Moshe Safdie, who designed landmark structures such as the Marina Bay Sands Resort in Singapore.
Visit www.portmanholdings.com for more information.
Corrections: An earlier version of this article said Portman would invest $300 million in India in the coming years. Portman will in fact be helping to raise up to $300 million in capital for certain projects where it’s also investing some of its own money. The article also wrongly stated previously that Portman’s stake in The Promont was 240 crore Indian rupees. That was the value of all equity raised by Tata, of which Portman holds a 26 percent stake of about 65 crore rupees, or $11.8 million.