New Delhi, September 10, 2022: Max Ventures & Industries Limited’s (MaxVIL), one of the three holding companies of the $4‐Bn Max Group, today announced that Max Estates, the real estate arm of the company proposed to acquire 100% of equity of Acreage Builders Private Limited, at an enterprise value of Rs. 322.50 Crores, subject to seller obtaining requisite approvals. The transaction is expected to be completed by February 2023. Post the acquisition, the said company will become a wholly owned subsidiary of Max Estates Limited.
Acreage Builders Private Limited holds a license to develop commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, one of the most promising upcoming micro markets in Gurugram.
Max Estates plans to develop a best‐in‐class Grade A+ commercial space on this land. The potential leasable area is ~1.6 Mn sq. ft.
The current transaction will enable Max Estates to achieve its aspiration of becoming a leading real estate player in Delhi‐NCR.
Commenting on the same, Mr. Sahil Vachani, MD & CEO of MaxVIL said, “This acquisition marks our entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi‐NCR and pan‐India. The transaction will further diversify the geographic footprint of our CRE Portfolio and aid our aspiration of becoming a leading player in the Delhi‐NCR. The underlying land is located on the main Golf Course Extension Road, which has emerged as a key destination for leading domestic and multi‐national players looking for office space in Delhi‐NCR. As we scale, our focus will be on strengthening organization capacity and capability to drive seamless execution across both Commercial and Residential opportunities and, in turn unlock multi‐ fold value for all our stakeholders.”
Corporate Comm India (CCI Newswire)
