Comments
Kotak India Real Estate Fund I on Monday announced the sale of Peepul Tree Properties Private Limited (Peepul Tree Properties), a wholly-owned undertaking, to Tata Realty Initiatives Fund 1 for an enterprise value of Rs 525 crore ($117 million).
Peepul Tree Properties owns an IT park in the Mumbai suburb of Goregaon, which it has leased to marquee tenants such as Accenture, HP, BNP, Tata AIG, BOB Legal and General, Integron and Prana Studios.
On an initial equity investment of Rs 95 crore, Kotak India Real Estate Fund I has received over Rs 400 crore from the exit including internal accruals, a press release issued here stated.
The exit has many firsts to its credit. In addition to being the largest real estate exit in the Indian market by a Fund, Peepul Tree Properties is the first office property to be divested by a property fund in India, and one of the first foreign direct investments in an income producing asset, the release said.
Kotak India Real Estate Fund I is the inaugural Rs 457 crore domestic fund ($100 million) of Kotak Realty Fund.
With this sale, Kotak Realty Fund will also become the first property fund in India to return the entire corpus of the fund back to its investors. The said Fund has other notable investments such as Lemon Tree Hotels, Pride Hotels, 3C Green Boulevard and Clover Golf community that remain to be exited, the release said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.