CAM Advises Kotak on Landmark Investment in Elan Avenue

Cyril Amarchand Mangaldas (CAM) provided legal advisory to real estate funds managed by Kotak Alternate Asset Managers on a significant financing transaction with Elan Avenue . This investment, totalling Rs 1,200 crore, marks the largest single real estate funding deal in the National Capital Region (NCR) by Kotak Real Estate Funds.

Elan Avenue , the issuer, is a prominent player in the construction and development of commercial and residential real estate projects. The company is currently developing two high-profile projects in Gurgaon, Haryana—The Presidential and The Mark.

Kotak Alternate Asset Managers  subscribed to 1,20,000 unlisted, secured, non-convertible debentures (NCDs) on a private placement basis. The NCDs, aggregating to Rs 1,200 crore, underscore Kotak Real Estate Funds’ confidence in the potential of the NCR market and Elan Avenue ’s projects.The transaction was facilitated by legal advisory team from Cyril Amarchand Mangaldas.

Advisory Team Breakdown

The deal team was led by Abhijeet Das, Partner at CAM, with support from Monil Chheda, Principal Associate; Shivani Chaturvedi, Senior Associate; and Samarjit Singh, Associate.

Due diligence for the transaction was conducted by a team comprising Siddharth Hariani, Partner, along with Vaishnavi Eshwar, Senior Associate, and Piyush Langade, Associate.

The transaction documents were signed on 21 September 2024, and the deal successfully closed on 10 October 2024.

Significance of the Deal

This landmark investment is not only a testament to the strategic growth of Kotak Alternate Asset Managers in the NCR market but also reflects the burgeoning demand for premium real estate projects in Gurgaon. Projects like The Presidential and The Mark are expected to set new benchmarks in the real estate sector with their innovative designs and state-of-the-art amenities.

Commenting on the transaction, a senior representative from Kotak Alternate Asset Managers stated, “This investment aligns with our strategy of identifying high-potential projects in key markets. Gurgaon continues to be a focal point for growth in India’s real estate landscape, and our partnership with Elan Avenue further underscores our commitment to this region.”