IL&FS Buys Logix Group's Noida Property For R600Cr
IL&FS Investment Managers is buying Logix Group’s four office buildings in Noida for R600Cr.
With this deal Citi Property Investors will get an exit who holds 50% stake in Logix Cyber Park property.
According to ET, last year Apollo Global Management had acquired the real estate investment management group of Citigroup called Citi Property Investors. Citi had invested around R60Cr in 2006 for a 50% stake in the project.
Logix Cyber Park project has been designed in the form of 4 towers of approximate 3,07,260 sq ft. The building is certified by the Leadership in energy and environmental Design (LEED) Silver rating by the US Green Building Council.
The park is equipped with a Club house (squash courts, yoga, gym), 250 seater auditorium, Banks & ATM’s, Multi Cuisine Food Court, Coffee Shops, Concierge, Travel & Medical Desk.
Founded in 1996, Noida based Logix Group engages in the development of IT parks and SEZs, residential units, mixed use retail, commercial, and hospitality properties in India.
The Group has JV with various well known funds/ FDI partners like ICICI Prudential; Taib Capital – ACACIA, Bahrain; Alpha Real Capital UK, Citi Property Investors (taken over by Apollo Global Management) etc. across different projects.
Last Sept, ITC acquired 26% stake in Logix Group's five star hotel property in Riviera 105.
Earlier this month, IL&FS Investment Managers acquired 9.4% stake in Indiabulls Real Estate's subsidiary - Indiabulls Infraestate for R200Cr. Indiabulls Infrasestate is developing a residential cum commercial project on the 8.3 acre land that was earlier Bharat Mills Compound.
Last May, IL&FS made exit from its investment in SEZ Project in Gurgaon promoted by Ansal Properties And Infrastructure Limited.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 27/01/12 | Logix Cyber Park - IL&FS Investment Managers | Private Equity | IL&FS Investment Managers Limited | 120.48 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 22/02/12 | Private Equity | Red Fort Capital | Gurgaon Project | 30.48 | Completed |
| 22/02/12 | M&A | Gupta Infrastructure India Private Limited | 6.07 | Announced | |
| 17/02/12 | Private Equity | Embassy Property Developments Limited | - | Planned | |
| 13/02/12 | Private Equity | Godrej Properties Limited | 121.56 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Citi Property Investors | Real Estate | citigrouppropertyinvestors.com | Ravi Hansoty | |
| 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 | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| IL&FS Investment Managers Limited | ||||
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