- HDFC Property Fund makes Rs 1,500 Cr exit from the Lodha Group's World Tower project.
- Exit is one of the largest Private Equity - Real Estate (PE-RE) transactions of the year.
- HDFC property fund makes 3 times the investment of Rs 500 Cr made in 2010
MUMBAI: HDFC Property Fund today made one of the largest Private Equity-Real Estate (PE-RE) exits this year worth over Rs 1,500 Cr, from the Lodha Group’s World Towers Project in Mumbai.
This transaction is considered one of the most successful and largest exits in Indian real estate, returning over 3 times the investment of Rs 500 Cr made in the project in 2010. HDFC Property Fund, sponsored by HDFC, is one of India's largest private equity real estate funds and invests in residential, commercial, mixed-use projects
“This transaction was one of our largest investments in Mumbai and came at a time when the real estate sector was facing sluggish sales and low investor confidence. However, Lodha Group’s robust business performance and strong brand credentials continue to outperform market expectations. ” said KG Krishnamurthy, managing director and CEO of HDFC Property Ventures Limited
The Lodha Group is one of India’s largest real-estate developers and the World Towers is an ultra-luxury project consisting of 3 towers spread over 17 acres in the heart of South Mumbai.
“This milestone is a testimony of our ability to deliver on our promise and commitments of creating high value for our stakeholders, be it customers or investors. HDFC Property Fund’s investment in World Towers has played an instrumental role in making it truly an iconic landmark in Mumbai.” said Abhishek Lodha, managing director at the Lodha Group.
Possessions of apartments at World Crest have already started and Tier 1 of World One is slated for delivery in mid-2017