Max Ventures & Industries Ltd (MaxVIL) will acquire Acreage Builders at an enterprise value of Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR. Acreage Builders owns 7.15 acres of land at Golf Course Road in Gurugram.
MaxVIL, which is part of Max Group, plans to develop a commercial project with a leasable area of 1.6 million square feet on this land parcel, marking its entry into Gurugram real estate market. It already has a presence in Noida and Delhi property markets.
In a statement, MaxVIL said that its arm Max Estates has entered into share purchase agreement to acquire 100 per cent of equity of Acreage Builders Private Limited at an enterprise value of Rs 322.50 crores.
The transaction is expected to be completed by February 2023.
Post the acquisition, Acreage Builders will become a wholly-owned subsidiary of Max Estates Ltd.
Acreage Builders Pvt Ltd holds a licence to develop commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, one of the most promising upcoming micro markets in Gurugram.
Max Estates plans to develop a Grade A+ commercial space on this land. The potential leasable area is around 1.6 million square feet.
Sahil Vachani, MD & CEO of MaxVIL said, “This acquisition marks our entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan India. The transaction will further diversify the geographic footprint of our CRE Portfolio and aid our aspiration of becoming a leading player in the Delhi-NCR.”
MaxVIL, which is part of the business conglomerate Max Group, owns and operates a real estate business through its subsidiary Max Estates. It also has a real estate services & management company – Max Asset Services.
