Indiareit Fund Advisors is planning to sell its stake in Pune SEZ - Flagship Infrastructure Private Limited for around Rs.500 Cr.

In 2007, Indiareit has invested Rs.250 Cr in the SEZ, Blue Ridge at Hinjewadi in Pune, which is being developed by Paranjape Schemes (Construction) Ltd.

Transaction Reference: Economic Times

Spread across 138 acres, the SEZ comprises a total of 9 Mn sq ft of development, of which 6 Mn is residential and 3 Mn commercial.

Flagship was in advanced talks with Tata Realty and Infrastructure Ltd till December last year, but the deal didn't materialise.

Indiareit, typically invests in unlisted firms at the SPV level. It manages around Rs.4000 assets under management, mainly in teir-I cities such as Mumbai, New Delhi, Bangalore, Pune and Chennai.

Indiareit's current portfolio across different funds include IT Parks in Chennai, 10 residential projects totalling a saleable area of 2.5 Mn sq ft spread across the southern cities of Bangalore, Chennai, Kochi and Mangalore.

In January this year, Indiareit Fund Advisors has exited from its investment in Neptune Realtors' commercial project in Kurla - Neptune Evolution Park, by selling its 50% stake for Rs.450 Cr, making three times return on his investment of Rs.145 Cr in 2006 in the project through its two funds - Indiareit Domestic Fund Scheme I and Indiareit Offshore Fund Scheme I in 2006.

In March, Kotak Realty Fund sold its stake in Peepul Tree Properties Pvt Ltd to Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd, for Rs.525 Cr.

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