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India's Milestone exits Acorn Logistics Parks for $24m

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Milestone Capital Advisors has exited its stake in warehouse complex Acorn Warehouse & Logistics Parks for $24 million, generating a 1.5x return.

Acorn is a 1.1 million-square-foot commercial asset that counts Tesco, Flipkart, Damco and Uniworldm among its tenants. The GP bought a stake in Acorn in 2008 through IL&FS Milestone Fund I, a rental yield fund targeting investments in pre-leased commercial assets.

This marks second exit for Milestone this year. It previously sold its stake in a 250,000 sq ft commercial property in Pune for INR1.45 billion in April. Last year, the investor also sold its stakes in Bangalore-based developer Jain Heights & Structures and cleantech-focused consultancy Ecofirst.

Milestone has been looking to exit its earlier portfolio investments since Rubi Arya, current director and vice-chairman of Milestone, took over the firm following the death of its founder, her husband, Ved Prakash Arya, in 2011.

Milestone is currently working towards a first close of on its latest property fund. The firm hired Alok Aggarwal to lead its realty fund management business as managing partner and chief executive officer in January. The rental yield funds managed by Milestone cover investments of around INR12 billion in more than 4 million sq ft of prime commercial properties.

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