Phoenix Mills To BuyBack Bangalore Market City Stake From PE Investors
Phoenix Mills is planning to buy-back PE funds' stake in Phoenix Market City.
Horizon Venture Capital, Edelweiss Real Estate Fund and IL&FS Investment Managers hold 26%, 7% and 21% stake in the project. Around 195 crore was infused as equity in the Bangalore Project by all the shareholders in 2006-07.
In August this year, Phoenix Mills bought HBS Realtors Pvt. Ltd’s entire 8.6% stake in its 'Market City' development in Bangalore for Rs17Cr.
Market City - Bangalore is a mix use development project located on Whitefield Road with 2.81 mnsq.ft of developable Area. The project includes a mall, an entertainment hub, commercial complex and a 120-room hotel.
Phoenix has already leased out 80% of its total leasable space to tenants like Zara, Bebe, Timberland, Promod, Aldo, California Pizza, Trade Vics, Lavie and Big Bazaar.
Phoenix has raised PE funding for it's various Market City projects across the country. Investors in the company include Horizon Venture Capital, Edelweiss Real Estate, IL&FS Investment Managers, Yatra Capital and Kshitij Venture Capital among others.
This year, a number of PE funds have exited investment through promoter buyback. Recently, HDFC Property Ventures exited L&T Urban Infrastructure Limited by sellling it's 10.1% stake to the promoters - L&T Infrastructure Development Projects for Rs122Cr. HDFC had invested Rs87Cr in L&T Urban Infrastructure in 2006.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 24/10/11 | Horizon Venture, Edelweiss Real Estate, IL&FS - Phoenix Market City - Phoenix Mills | Private Equity | Phoenix Mills Limited | - |
| 31/03/08 | Phoenix Market City Retail - Yatra Capital | Private Equity | Yatra Capital Limited | 22.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 18/05/12 | Private Equity | Panchshil Real Estate Consultants Private Limited | EON SEZ | - | Completed |
| 18/05/12 | M&A | Godrej Properties Limited | Bangalore Land | 18.25 | Planned |
| 18/05/12 | Private Equity | Panchshil Real Estate Consultants Private Limited | Hadapsar Project | - | Completed |
| 18/05/12 | M&A | Looking For | Mumbai Land | 529.20 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| IL&FS Investment Managers Limited | BFSI Retail Infrastructure IT/ITES/Technology Consumer Goods |
www.ilfsinvestmentmanagers.com | Vipin AgarwalSaleh AfimiwallaRumen BarjatyaRuchita ManiarDeepa SankaranSuneet GuptaArchana Niranjan HingoraniAlok BhargavaShahzaad DalalManoj BorkarMark A SilgardoSanjay MitraSunil Vasantrao DiwakarBina TrivediSrinivas BaratamAnant Kulkarni | |
| Horizon Realty LLC | 350 | Real Estate | www.everstonecapital.com | Shishir BaijalBrian OrevecArun PatkieDeep MishraRahul NairJoanna DesouzaSuyash VermaAbhijit MalkaniAloke Bhuniya |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| IL&FS Investment Managers Limited | ||||
| Phoenix Mills Limited | Atul Ashok Ruia Ashokkumar Radhakrishna Ruia |
462, Senapati Bapat Marg, Lower Parel | Nirmal Lifestyle Limited | www.thephoenixmills.com |
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