Tata Realty Buys Kotak Realty's Stake In Peepul Tree For Rs 525 Cr
Kotak Realty Fund has sold its stake in Peepul Tree Properties Pvt Ltd to Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd (TRIL), for Rs.525 Cr.
Kotak India Real Estate Fund I (KIREF-I ) had purchased Peepul Tree Properties, the 7,00,000-sq ft green field IT park building in Goregaon, Mumbai, developed by K. Raheja Constructions in August 2006, for around Rs.230 Cr - equity of Rs.95 Cr and the balance Rs.135 Cr through debt from Axis Bank and Corporation Bank.
Realty consultancy firm, Jones Lang LaSalle India acted as the adviser to the deal.
Transaction Reference: Economic Times
Around 96% of the commercial space (Peepul Tree) has already been leased to key tenants such as Accenture, HP, TATA AIG, BoB Legal, and General and Integron.
Sale Value of Rs.525 Cr includes equity of Rs.385 Cr and a debt of Rs.140 Cr, thus making more than double on its initial investment.
Kotak India Real Estate Fund-I, a Rs.457 Cr corpus fund, owns an 8% stake in budget hotel chain Lemon Tree Hotels, 10% in Pride Hotels, 38% in 3C Green Boulevard, a commercial property in Noida, and owns Clover Golf Community, which is building villas and a golf course.
Earlier, it has exited from Sobha Developers, Mayfair Housing, Phoenix Mills and NDR Warehosuing Pvt Ltd.
The fund is also planning to exit from 3C Green Boulevard.
Kotak Realty's other funds include - $380 M (Rs.1,494 Cr) Kotak Alternate Opportunities India Fund and $265 Mn offshore fund.
Kotak Realty has made project level investments in IVR Hotels & Resorts Ltd, Divyasree Developers Private Limited, Janapriya Engineers Syndicate Ltd, among others.
Tata Realty Initiatives Fund, a $750 Mn real estate fund launched in August 2007 also has investment in TRIL Infopark, a Rs 3,500 Cr Ramanujam IT SEZ project in Chennai.
Last year, TRIL formed a $200 Mn JV with private equity player Actis to bid for road projects in India.
Recently, IndiaReit Fund exited from its investment in Neptune Realtors' commercial project in Kurla - Neptune Evolution Park by making three times return on its investment of Rs.145 Cr.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/03/11 | Kotak Realty (Exit) - Peepul Tree Properties - Tata Realty | Private Equity | Tata Realty and Infrastructure Limited | - |
| 31/08/06 | Peepul Tree Properties - Kotak Realty | Private Equity | Kotak India Real Estate Fund I | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | IIFL Capital Limited | Mumbai Redevelopment Project | 14.75 | Completed |
| 17/05/12 | Private Equity | Looking For | Supertech Limited | 553.10 | Planned |
| 15/05/12 | Private Equity | ATS Infrastructure Limited | - | Planned | |
| 11/05/12 | Private Equity | Looking For | Entertainment World Developers Private Limited | 46.71 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Kotak India Real Estate Fund I | 100 | Real Estate | www.realtyfund.kotak.com | S. SrinivasanV. Hari KrishnaVikas Chimakurthy |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Tata Realty and Infrastructure Limited | Tata Sons Limited | Elphinstone Building, 2nd floor 10 Veer Nariman Road,Fort, Mumbai-400001. |
Ajanta Infrastructures Private Limited Alok Infrastructures Private Limited Avani Projects & Infrastructure Limited |
www.tata-realty.com |
| Peepul Tree Properties Private Limited | Tata Realty and Infrastructure Limited | Podium Floor, Infinity IT Park, 239, Building No.4, GEN A K Vaidya Marg, Dindoshi, Malad (West). | Lanco Hills Technology Park Private Limited (LHTPPL) | |
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