Lodha Developers Sells 10% Stake In Project To HDFC PE For Rs 500 Cr
Lodha Developers Limited has sold 10% stake in one of its projects to HDFC Venture Funds for Rs 500 Cr.
The project is undertaken to develop a 117-storey residential tower in Mumbai.
The sale values the project at Rs 5,00 Cr.
Transaction Reference: ET
Lodha Developers is building the world's tallest residential building on a 17-acre plot located in closed textile unit, known as the Shrinivas Mill, in Lower Parel, central Mumbai, which it had bought nearly 5 years ago.
The project will also have a two-acre car park in an adjacent area.
The tower will be higher than some of the global landmarks including Sears Tower in Chicago, Jin Mao Building in Shanghai and Empire State Building in New Work.
The company decided to raise funds via private equity after it deferred its IPO plans due to volatility in the stock market.
Hindustan Construction Company sold a 74% stake in a commercial building in Mumbai’s eastern suburbs to the IL&FS Milestone Fund for Rs 575 cr 2 months ago, a valuation of Rs 775 Cr.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 17/08/10 | Lodha Developers Project - HDFC Venture Funds | Private Equity | HDFC India Real Estate Fund | 107.00 |
| 09/06/10 | Lodha Developers - Looking for Investment | Private Equity | 212.80 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/02/12 | Private Equity | SUN-Apollo India Real Estate Fund | Assotech Limited | 15.29 | Announced |
| 06/02/12 | Private Equity | Kotak Realty Funds Group | Orris Infrastructure Private Limited | 16.40 | Announced |
| 02/02/12 | Private Equity | Ascendas India Trust | Operational Buildings | 36.04 | Completed |
| 02/02/12 | Private Equity | Baring Private Equity Asia Limited | RMZ Corp Holdings Private Limited | - | Announced |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| HDFC India Real Estate Fund | 230 | Real Estate | ||
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Lodha Developers Limited | Abhisheck Mangal Prabhat Lodha Mangal Prabhat Gumanmal Lodha Abhinandan Mangal Prabhat Lodha |
216,Shah & Nahar Industrial Estate, Dr.E.Moses Road |
DLF Limited Indiabulls Builders And Developers Limited Unitech Limited Embassy Property Developments Limited |
www.lodhagroup.com |
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