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IDFC Alternatives has exited from the India Office Fund with an internal rate of return of 22 per cent. The fund has sold these assets to real estate funds managed by Blackstone.
IDFC Alternatives had acquired the 1.3-million sq.ft. Galaxy IT Park in December 2011 and the 1.5-million sq.ft. BlueRidge SEZ in March 2013, the company said in a statement.
“We are in the process of identifying new opportunities in the real estate sector to generate superior risk-adjusted returns, and will be approaching the global investor community with a differentiated strategy shortly,” M.K. Sinha, Managing Partner and CEO, IDFC Alternatives, said.
Earlier this year, IDFC Alternatives raised Rs 750 crore ($125 million) from domestic investors for a real estate high-yield debt fund, IDFC Real Estate Yield Fund. The fund targets under-construction residential projects in Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Pune, and currently has made four investments.
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