Mumbai, Mar 10 (IANS): Kotak Special Situations Fund managed by Kotak Investment Advisors Limited (KIAL) on Wednesday announced that it has acquired Prius Commercial Projects Private Ltd (Prius) under the insolvency and bankruptcy code (IBC) for Rs 450 crore.

In an all-cash deal, KSSF led consortium emerged as the successful resolution applicant, with the NCLT, Delhi duly approving its resolution plan, said a Kotak statement.

"Following the acquisition of Prius, KSSF has now closed its first investment under the IBC platform. KSSF has been investing from its $1 billion fund in a variety of structured investment situations," it said.

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

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 refurbishment and leasing of Prius' office space, wherein KSSF's extensive real estate portfolio management experience will support a professional management team.

Eshwar Karra, CEO of Kotak Special Situations Fund at Kotak Investment Advisors Limited said, "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."