Kotak Special Situations Fund (KSSF), which is managed by Kotak Investment Advisors Ltd, has acquired Prius Commercial Projects Pvt. Ltd for ₹450 crore under the insolvency and bankruptcy code, it said on Wednesday.
The Delhi bench of the National Company Law Tribunal had approved the resolution plan of a KSSF-led consortium, which includes an all-cash deal.
Following the acquisition of Prius, KSSF has closed its first investment under IBC. The fund has been investing from its $1-billion corpus in a variety of structured investment situations.
Prius is engaged in leasing out commercial space and predominantly owns the ‘Prius Platinum’ building located in Saket, Delhi, with a leasable area of 259,000 sq. ft.
The controlling stake held by KSSF provides a platform to build a portfolio of office assets along the lines of Prius, and leverage the group’s extensive expertise in real estate as well as resolution of stressed assets, the investor said in a statement.
“This is an example of how Kotak can get its cross-functional expertise in real estate and stressed asset management to address the unique opportunities in the stressed assets market. We will rely upon these skills to address opportunities in other asset classes as well,” said Srini Srinivasan, managing director, Kotak Investment Advisors Ltd, which is a wholly-owned subsidiary of Kotak Mahindra Bank Ltd, and focuses on the alternative assets business of the group.
Set up in early 2005 Kotak Investment Advisors has raised an aggregate of $4.6 billion across different asset classes, including private equity funds, real estate funds, infrastructure funds, special situations fund, and listed strategies and investment advisory.
