10 Mar , 2021 By : kanchan Joshi
Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisers Limited (KIAL), on Wednesday announced that it has acquired Prius Commercial Projects Private Limited (Prius) under the insolvency and bankruptcy code (IBC) for Rs450 crore.
The Delhi bench of National Company Law Tribunal (NCLT) approved the resolution plan offered by a KSSF-led consortium, which includes an all-cash deal. Following the acquisition of Prius, KSSF has closed its first investment under IBC. KSSF has been investing from its $1 billion fund in a variety of structured investment situations.
Prius is engaged in leasing out commercial space and predominantly owns the building named ‘Prius Platinum’ at a premium location in Saket, Delhi, with a leasable area of 259,000 sqft. The controlling stake held by KSSF provides it a platform to build a portfolio of office assets along the lines of Prius, leveraging the group's extensive expertise in real estate and resolution of stressed assets.
“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, KIAL.
KIAL, a wholly owned subsidiary of Kotak Mahindra Bank Limited, focuses on the alternative assets business of the group. Set up in early 2005, KIAL has raised an aggregate of about $4.6 billion across different asset classes, including private equity funds, real estate funds, infrastructure funds, special situations funds, listed strategies and investment Advisory, all led by independent investment teams.
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