IL&FS Investment Managers Limited is exiting from its investment in SEZ Project in Gurgaon promoted by Ansal Properties And Infrastructure Limited.

IL&FS will also exit from first phase of of Ansal's Esencia township project where it had invested Rs.80 Cr in 2008 after the mandatory lock-in of three years ends, in August 2011 and Rs.70 Cr in the 47-acre SEZ for IT industry in 2007.

Transaction Reference: Economic Times

In 2007, Ansal Properties had launched the 112-acre Esencia township which includes plots, villas, floors as well as some commercial development. Recently, company announced an extension of this project on an additional 108 acres. The 47 acres SEZ will eventually become part of the second phase of Ansal's Esencia township project, which will have a total of 108 acres.

Recently, Real Estate PE firm Red Fort Capital acquired 26% stake in Joint venture with Ansal Properties for Rs.200 Cr.The JV will develop a 108-acre residential township project adjacent to its Esencia township project in Gurgaon. The investment by Red Fort in the JV would be through a mix of equity and CCDs.

Established in 1967 as a family business, Ansal Properties currently operates in a range of business verticals such as integrated townships, condominiums, group housing, malls, shopping complex, hotels, SEZs, IT parks and infrastructure and utility services.

In real estate space, JP Morgan has invested $30 Mn in Parsvnath Developers Limited's residential project - La Tropicana.The funds raised will be used by Parsvnath to provide an exit to Red Fort Capital which had invested Rs.115 Cr in 2009; while Indiareit Fund Advisors is planning to sell its stake in Pune SEZ - Flagship Infrastructure Private Limited for around Rs.500 Cr.

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