Max Estates onboards New York Life as co-investor for Noida office project

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Max Estates, the real estate arm of Max Ventures & Industries Limited, on September 28 announced that it has onboarded New York Life Insurance Company (New York Life), a US based mutual life insurance company as an equity co-investor in a structure that houses 2.66 acres of land on which Max Square is being developed.

Max Estates, in August announced its SPV, Max Square Limited’s, successful bid for two land parcels auctioned by Axis Bank for a total cost of Rs. 220 crores, subject to customary statutory approvals.

Also Read | Max Estates wins bid to acquire 4 acres land in Noida for Rs 220 crore

The company has entered into a partnership with New York Life
Insurance Company for its 3rd commercial project in Delhi-NCR named Max Square.

According to the press release, the addition of another 4 acre of land, in the same SPV, will enable the development of 6.6 acre of mixed use campus.

Commenting on the announcement, Mr. Sahil Vachani, MD & CEO of MaxVIL said, “New York Life Insurance Company has a long-standing relationship with Max Group and Max Estates, and has been a valued partner with us through our journey. This transaction will enable Max Estates to expand its CRE portfolio while achieving its aspiration of becoming a leading real estate player in the Delhi NCR region.”

New York Life proposes to invest Rs. 196 crores for a 49 per cent equity stake. Max Estates will be responsible for the final delivery of the project and will be entitled to a development fee on the same, the release added.

The total development potential of the 6.6 acre campus including the currently under construction Max Square is  2.0 million square feet.

According to the release, the development will have direct access to Noida-Greater Noida Expressway, offering excellent connectivity to and from Noida, Delhi and broader Delhi NCR via both road and metro.

Max Estates Limited was established in 2016 and is the real estate arm of the Max Group and a wholly owned subsidiary of Max Ventures & Industries Limited.