Bengaluru-based premium real estate development company, Vista Spaces, has partnered with leading principal investor in emerging markets, SUN Group to announce the launch of a real estate development platform, SUN Vista. The SUN Group will make an equity investment into the platform. The funds will largely be used for acquisition of new projects and business development.
Speaking on the occasion of the announcement of the joint venture, Uday Khemka, Vice Chairman of SUN Group said, “After its experience of investing in all real estate asset classes and geographies across Indian real estate, SUN believes that true competitive advantage in the sector derives from core values and processes centred on integrity, quality, reliability and professionalism. We are therefore delighted to be partnered with Vista Spaces, whose track record embodies these values, jointly to grow a focused development platform based on these principles.”
Through investment and private equity institutions it has helped establish, SUN Group has brought over USD 6 billion into India till date. SUN co-sponsored alongside Apollo Global Management, a USD 630 million real estate focussed Private Equity fund, SUN Apollo, in 2006. Anchor investors in the SUN Apollo fund included top-tier U.S state pension funds, Middle East sovereign states and major US corporate pension funds. SUN Apollo’s investment portfolio included projects by Shriram Properties, Sobha Developers and Godrej Properties amongst others.
Praveen Kumar, Founder & Joint Managing Director of Vista Spaces said, “In SUN we’ve found an incredible long-term partner that not only gives us access to a tremendous amount of high quality capital but also provides us with immense strategic value.”
Vista Spaces is a developer of city centric projects in south India. After establishing a track record of over 25 projects, the company is on the cusp of an expansion drive and therefore entered this joint venture. The platform will have a geographic focus on Bengaluru, Chennai and Hyderabad. Price WaterhouseCoopers, Tatva Legal and Nishith Desai Associates were lead advisors for the transaction.