By Accommodation Times Bureau
Mumbai, 11th June 2012: ICICI Prudential PMS Real Estate Portfolio, a diversified real estate portfolio, has successfully divested its investment in ‘KUL Ecoloch’ a township Project in Pune being developed by River View Properties Pvt. Ltd., a subsidiary of Kumar Urban Development Limited. The portfolio had invested Rs 47.5 Cr, and the investment has generated a gross IRR of about 27% on its investment.
Mr. Rahul Rai , Head – Real Estate , ICICI Prudential AMC stated “We believe in the tremendous potential of the reality space that is synchronous with India’s growth and are always looking at providing opportunity to our investors to participate in this asset class. Our investment in KUL Ecoloch and successful exit is a reinforcement of the return potential of this segment and the strength of our investment process that has helped accomplish this feat”. He further added “We are continuously looking out for such opportunities to invest with developers developing projects that we believe are likely to generate superior risk adjusted returns.”
Mr. Lalit Kumar Jain – Managing Director & CEO, Kumar Urban Development Limited stated “This has been a mutually beneficial relationship, where ICICI Prudential Real Estate Portfolio had invested with us at land acquisition stage and now with successful launch of township we have given them exit with superior equity returns”
About the Project
ICICI Prudential Real Estate PMS on behalf of its investors had invested with Kumar Urban Development Limited for “KUL Ecoloch” a 105 acre integrated township being built at Mahalunge next to Hinjewadi on the outskirts of Pune. The township was launched successfully in last year and has generated significant end user interest given its close proximity to Hinjewadi, one of the largest IT hubs outside of Bangalore.