OREANDA-NEWS. December 5, 2012. Tata Housing, India’s fastest growing real estate development company and a wholly-owned subsidiary of Tata Sons, today announced an investment by Portman Holdings in its luxury housing project, The Promont, in Bengaluru. This deal represents the first private equity funding for a Tata Housing project.

Tata Housing has raised equity for The Promont, which is valued at Rs240 crore, from Portman Holdings, an Atlanta-based vertically integrated real estate development company and an investment and management company, for a minority stake in the project. YES Bank was the financial advisor on this transaction.

Commenting on the announcement, Brotin Banerjee, MD and CEO, Tata Housing, said, “Portman Holdings clearly recognises the opportunity for long-term and sustained growth in the Indian housing market. Their investment represents a huge endorsement for The Promont as an outstanding project.”

Ambrish Baisiwala, chief executive officer, Portman Holdings, “The Promont is a successful project coming from a renowned real estate company like Tata Housing, and we’re very glad to be a part of its development. We have a great deal of respect for Tata Housing and their work, and we are really looking forward to working with them on this and potential future opportunities in India.”

Rahul Anand, managing director, Portman Holdings (India), said, “We are very excited to partner with Tata Housing. The Promont is a great addition to our residential portfolio in India and fits well with our investment strategy for the country.”

The Promont is an exclusive, gated, luxury community of terraced hillside residences on the exclusive Promont Hills in South Bengaluru, intended for the new affluent segment of consumers that have a distinct lifestyle preference and often live in suburbs.

This project is designed by the world-renowned architect Moshe Safdie, the visionary and creator of some of the most enchanting landmarks in the world, such as the Marina Bay Sands Resort in Singapore. The Promont is Mr Safdie’s first residential development in India. This masterpiece joins the family of fine luxury properties envisioned by Tata Housing to redefine the face of luxury living in India and consists of apartments from 2,376 square feet to 3,205 square feet.