ICICI Prudential exits Indian residential investment
ICICI Prudential AMC, a joint venture between India’s ICICI Bank and Eastspring Investments, has exited investments in two Shriram Properties residential projects in Bangalore with returns upwards of 20%.
The ICICI Prudential PMS Real Estate Securities Portfolio Series invested INR50 million ($866,000) into the Suhana and Sahana mid-market residential apartments in 2009. It exited with an IRR of 27% according to LiveMint.
This is the fund's third exit. In June 2012, it divested its interest in the KUL Ecoloch residential project in Pune, which is being developed by River View Properties, a subsidiary of Kumar Urban Development. It had invested INR475 million and generated a gross IRR of about 27%.
The first exit came in April 2010 as an interest in DS Kulkarni Developers' Bangalore project was sold, generating a deal level IRR of about 22%.
The $80 million India Opportunities Real Estate Fund, which is advised by ICICI Prudential AMC, invested INR300 million ($6.51 million at the time) in the same projects in 2010 and has exited with IRR of 20%. This is its first exit.
The two funds together held 49% stake in the self-liquidating projects.
Bangalore-based Shriram Properties, part of the Shriram Group, has raised $100 million from TPG Capital and INR1 billion from ASK Property Investment Advisors.
ICICI Prudential PMS is also in the process of raising a second fund of around INR9 billion and has made its first investment of INR800 million in Kumar Urban Development's 100-acre township project in Pune.
More on Exits
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