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Global private equity fund Apollo Global Management has exited from Ahuja Towers, Mumbai-based real estate company Ahuja Constructions’ super-luxury residential project in Worli, with a two-fold return.
Apollo had invested around ₹200 crore in the project for 49 per cent voting rights in the company six years ago. The company got close to ₹460 crore on its exit, or 2.3 times its investment value.
With a corpus of over $90 billion for India, Apollo Global has invested in diverse sectors such as logistics, textiles, and real estate.
A spokesperson for Ahuja Constructions confirmed the exit.
The company had used the money invested by Apollo Global Management to develop Ahuja Towers, a 53-storey super-luxury residential project.
Apollo is among the largest PE players and alternative investment platforms in the world with over $162 billion of assets under management.
In India, it has invested through its different arms. The NYSE listed firm recently set up real estate PE platforms in Asia with offices in Shanghai, Hong Kong and Delhi, among other cities.
Besides real estate private equity, Apollo has three other platforms in India for private equity, special situation investing and credit.
According to a Jones Lang Lasalle report, from 2014, Indian real estate has received PE investments worth $ 2.2 billion. This is even before taking into consideration platform level deals, worth $2 billion.
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