Trinity Capital Exits Kapstone Constructions
Trinity Capital Plc has exited Kapstone Constructions Pvt Ltd, a subsidiary firm of Mumbai-based developer Keystone Realtors Pvt Ltd (also known as Rustomjee Group), by selling its 16% stake for around Rs.90 Cr (12.6 million pounds).
Keystone Realtors has acquired the stake back from Trinity Capital.
Trinity Capital had bought the stake in Kapstone, which is developing a 127-acre integrated township in Thane, for around $20 Mn (10.6 Mn pounds) in 2006.
Transaction Reference: Livemint
Kapstone Constructions project, a mix of residential, commercial and IT space as well as retail malls, educational, recreational and healthcare facilities, is expected to be completed by 2015-16.
Founded in 1996, Mumbai-based Keystone Realtors develops residential complexes, homes, and commercial facilities.
Trinity Capital Plc is an AIM-listed real estate fund focused on India.
Its portfolio, which is estimated at $230 million (around Rs.1,025 crore), is managed by Ajay Piramal-backed Indiareit Fund Advisors Pvt. Ltd. Indiareit replaced Trikona Advisors Ltd as the fund manager last year, as Trikona Advisors raised various issues regarding decisions of the board.
In 2010, Trinity sold its stake in Pipavav Shipyard Ltd, four years after it invested in the company. It also exited its investment in DB Hospitality Pvt. Ltd, a group company of DB Realty Ltd, the same year and also exited Fortis Healthcare.
Some of its investment portfolio includes Uppals IT project in Noida, MK Malls and Developers's commerical project in Mumbai, Luxor Cyber City in Gurgaon, among others.
In 2009, SUN Apollo Ventures had acquired a 15% stake in Keystone Realtors.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 14/07/11 | Kapstone Constructions - Trinity Capital (Exit) | Private Equity | Keystone Realtors Private Limited | 20.20 |
| 24/10/06 | Kapstone Constructions - Trinity Capital | Private Equity | Trinity Capital PLC | 20.00 |
| 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 |
|---|---|---|---|---|
| Trinity Capital PLC | 370 | Real Estate | www.trinitycapitalplc.com | Martin Michael AdamsStephen CoePhilip ScalesPradeep VermaArvind Pawha |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Keystone Realtors Private Limited | Boman Rustam Irani | 702, Natraj, MV Road Junction, W.E Highway, Andheri (East) | www.rustomjee.com | |
| Kapstone Constructions Private Limited | Keystone Realtors Private Limited | 3rd Floor, JMC House, Bisleri Compound, W.E Highway, Andheri (East). | ||
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