ICICI
Prudential PMS Real Estate Portfolio, a diversified real estate portfolio, has
successfully divested its investment in ‘KUL Ecoloch’ a township Project in
Pune being developed by River View Properties Pvt. Ltd., a subsidiary of Kumar
Urban Development Limited. The portfolio had invested Rs.. 47.5 Cr, and the
investment has generated a gross IRR of nearly 27% on its investment.
Mr. Rahul Rai , Head - Real Estate , ICICI Prudential AMC said
“We believe in the tremendous potential of the reality space that is
synchronous with India’s growth and are always looking at providing opportunity
to our investors to participate in this asset class. Our investment in KUL
Ecoloch and successful exit is a reinforcement of the return potential of this
segment and the strength of our investment process that has helped accomplish
this feat. We are continuously looking out for such opportunities to invest
with developers developing projects that we believe are likely to generate
superior risk adjusted returns.”
Mr. Lalit Kumar Jain – Managing Director & CEO, Kumar Urban
Development Limited said, “This has been a mutually beneficial
relationship, where ICICI Prudential Real Estate Portfolio had invested with us
at land acquisition stage and now with successful launch of township we have
given them exit with superior equity returns”
About the Project ..!
ICICI Prudential Real Estate PMS on behalf of its investors had
invested with Kumar Urban Development Limited for “KUL Ecoloch” a 105 acre
integrated township being built at Mahalunge next to Hinjewadi on the outskirts
of Pune. The township was launched successfully in last year (2011) and has
generated significant end user interest given its close proximity to Hinjewadi,
one of the largest IT hubs outside of Bangalore.
About the ICICI Prudential PMS Real Estate Portfolio..!
A diversified portfolio is part of the PMS offering of ICICI
Prudential AMC Ltd. The Portfolio has been managing capital commitments of more
than Rs 750 Cr since its inception and has made 14 investments across Mumbai,
Bangalore, Pune, Chennai and NCR.
Earlier in April, 2010, the Portfolio had made its first exit by
divesting its investment in DS Kulkarni Developers Ltd. Bangalore project,
generating deal level IRR of about 22%.
About ICICI Prudential AMC..!
ICICI Prudential AMC* Ltd. is a joint venture between ICICI Bank,
a well known and trusted name in financial services in India & Prudential Plc, one of UK’s oldest and
largest players in the financial services sector. ICICI Prudential AMC, in a
span of just over 12 years of the joint venture, has forged a position of
preeminence as one of the largest asset management companies in the country.
The company manages significant AUM across Mutual Funds, Portfolio Management
Services and International Advisory Mandates for clients across international
markets in asset classes like Debt, Equity & Real Estate with primary focus
on risk adjusted returns.
For any further information, please contact
Sumit Singh Jamwal
Adfactors Public Relations
(M): 9920199303
Email: sumit.jamwal@adfactorspr.com
|
Deepti Nair
Corporate Communications
ICICI Prudential AMC
(M) : 9890267721
Email: deepti_nair@icicipruamc.com
|
* Asset Management Company
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