Trinity Capital sells stake in Indian property project back to Keystone
Trinity Capital has sold its 16% stake in Kapstone Constructions, a subsidiary of Mumbai-based developer Keystone Realtors, back to the parent company for about £12.6million ($20.2million). The sale comes five years after the UK-based real estate fund bought the holding from Keystone for a reported $17 million.
When AIM-listed Trinity acquired the minority stake it had the option of increasing its interest in the company - which is deeveloping a large integrated township in Thane - to 21%. The decision to leave Kapstone marks Trinity's first exit this year.
The private equity firm has a £250million ($402 million) fund devoted to real estate investments in India. Its portfolio was managed by Trikona Advisors, but they were replaced by last year by Indiareit Fund Advisors. Indiareit was given the mandate to exit all investments in India quickly and profitably.
Trinity is also expected to exit a Keystone Realtors project at Bandra in suburban Mumbai through a buyback.
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