New Delhi: New York Life Insurance Co. will invest a total ₹388 crore to acquire 49% stake in two commercial projects of Max Estates-one each in Delhi and Noida. The deal will make the US mutual life insurance firm a 49% stakeholder in all commercial projects of Max Estates in Delhi-NCR.
New York Life currently owns 22.67% of publicly listed Max Estates. It also owns 49% stakes in Max Estates’ new commercial projects in Delhi-NCR, which include Max Square – already operational on the Noida Expressway – and two under-construction projects – Max Square Two – adjacent to Max Square; and one on Golf Course Extension Road, Gurugram.
The two buildings where New York Life purchased the stake are Max Tower in Noida and Max House in Okhla, with total leasable area of around 600,000 sq ft.
