Global firm PAG invests $50 mn in Gurgaon-based real estate developer Elan

New Delhi: Global alternative investment firm PAG has invested about $50 million (₹425 crore) in Gurgaon-based real estate developer Elan Limited.

The investment will be used as growth capital for upcoming projects, said the Elan Group company. "This deal assumes great significance for the Elan Group with a global fund like PAG reposing confidence in the group's management and established development track," said Sandeep Agarwal, chief financial officer, Elan Group. Cushman & Wakefield was the transaction advisor for deal.

"The traction in the credit space in the NCR (National Capital Region) market reflects our continued belief in the region's real estate growth story, with Dwarka Expressway fast emerging as NCR's most sought-after micro market," said Saurabh Shatdal, MD, land and capital markets, Cushman & Wakefield.

Elan Group, promoted by director Akash Kapoor, chairman Rakesh Kapoor and managing director Ravish Kapoor, has 12 projects in prime locations of Gurgaon and Delhi, with a total saleable area of about 15 million sq ft. The company is scaling up its portfolio of retail and commercial assets. It is entering the high-end and premium residential segments through its recent acquisition of a 40-acre land parcel in sector 106 of Gurgaon from Indiabulls Real Estate.