Max Estates ropes in New York Life Insurance as co-investor for office project at Noida

28 Sep 2022 , 09:24 AM

Max Estates, the real estate arm of Max Ventures & Industries Limited, reported in early August that its SPV, Max Square Limited, has won a bid for two land lots auctioned by Axis Bank for a total of Rs220 crores, subject to normal regulatory permissions.

Both property parcels in Sector 129, Noida, are spread across 4 acres and are next to Max Estates’ under-construction grade A+ commercial office complex, ‘Max Square,’ which is Max Estates’ third office development in Delhi NCR.

Max Estates has recently announced the addition of New York Life Insurance Company (New York Life), a mutual life insurance company established in the United States, as an equity co-investor in a building that already holds 2.66 acres of property on which Max Square is being constructed. The inclusion of additional 4 acres of property in the same SPV will allow for the building of a 6.6-acre mixed-use campus.

New York Life plans to spend Rs196 crore for a 49% stake in the company. Max Estates will be responsible for the project’s ultimate delivery and will be entitled to a development fee.

The campus’ entire development potential, including the currently under construction Max Square (0.7 million square feet), is 2.0 million square feet. This will allow prospective Max Square tenants to not only expand but also get access to an integrated mixed-use campus that will be unique to this micro market.

The development will have immediate access to the Noida-Greater Noida Expressway, providing good road and metro connections to and from Noida, Delhi, and the greater Delhi NCR.

At around 9.27 AM, Max Ventures was trading at Rs140.75 up by 1.3% from its previous closing of Rs138.95 on the BSE. The scrip opened at Rs143.20 and touched intraday high and low of Rs143.25 and Rs140.75 respectively.

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