Kotak Special Situations Fund buys Prius Commercial Projects

Kotak Special Situations Fund, managed by Kotak Investment Advisors, on Wednesday said it has acquired Prius Commercial Projects under the insolvency and bankruptcy code for 450 crore.

Company states, in an all-cash deal, Kotak Special Situations Fund (KSSF) led consortium developed as the successful resolution applicant, with the respectable NCLT, Delhi duly approving its resolution plan.

KSSF has now closed its first investment under the IBC platform while following the acquisition of Prius. It has been investing from its USD 1 billion fund in a variety of structured investment situations.

Prius is engaged in renting out commercial space and primarily owns the building named 'Prius Platinum' at a premium location in Saket, Delhi, with a leasable area of 2,59,000 square feet.

Eshwar Karra, CEO of Kotak Special Situations Fund at Kotak Investment Advisors states, "This investment is in line with our funds objective of acquiring value assets on the IBC platform. Our constant endeavour is to enhance the quality and performance of the asset under our supervision and superior asset management capabilities."

Company states, "The controlling stake held by KSSF provides it a platform to build a portfolio of office assets along the lines of Prius, leveraging on the group's extensive expertise in real estate as well as resolution of stressed assets. This investment targets restoration and leasing of Prius office space, where KSSF’s extensive real estate portfolio management experience will support a professional management team."

Srini Srinivasan, Managing Director, Kotak Investment Advisors states, "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."

Kotak Investment Advisors Limit (KIAL) on February 12 announced that Rajnish Kumar, former Chairman of State Bank of India (SBI), would be the exclusive advisor for its 1 billion, Special Situation Fund (SSF).The former SBI chairman had taken up an advisory role with Baring Private Equity Partners India earlier this month. Kumar retired from SBI in October 2020 and comes with nearly 40 years of experience. He was credited with the mega merger of seven banks with India’s largest lender.

Kotak Investment Advisors (KIAL) is a solely owned subsidiary of Kotak Mahindra Bank that focuses on the Alternate Assets business of the Group.