New York Life Insurance picks up 49% stake in Max Estates

25 Sep 2024 , 03:28 PM

New York Insurance Company has acquired a 49% ownership in two operational office buildings owned by Max Estates Ltd, the Max Group’s real estate arm.

According to an exchange filing, Max Estate received ₹391 Crore from a US-based insurer for acquiring a share in Max Towers and Max House in Noida and Delhi, respectively. With this, the transaction announced in May of this year is now complete.

Max Estates will continue to own a 51% stake in both special-purpose vehicles. Max Estates Ltd shares opened at ₹590.05 on BSE and rose over 2% intraday to reach a high of ₹602.05 in early trades on Wednesday, September 25.

The New York Life Insurance Company invested ₹1,200 Crore in Max Estates. The financial infusion boosts Max Estates’ ability to accelerate its expansion initiatives in both the commercial and residential real estate sectors, according to the filing.

Max Estates stated earlier this month that it has secured 100% lease commitment for its Max House Phase 2 projects. The company accomplished the accomplishment in less than a year after the project received its Occupancy Certificate.

Max House, which includes two office towers and a dynamic amenities hub, has roughly 2.6 lakh sq. ft. of leasable space, with Phase 2 adding around 1.50 lakh sq. ft.

At around 2.57 PM, Max Estates was trading 4.01% higher at ₹610.85, against the previous close of ₹587.30 on NSE. The counter touched an intraday high and low of ₹641.60, and ₹590.55, respectively.

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