Kotak Realty Funds set to exit two real estate investees
Kotak Realty Funds Group is set to exit two of its real estate investments, both IT parks in Tier One cities in India.
According to local reports, one of the projects is Mumbai-located Peepal Tree Properties and the other is the Green Boulevard development in Delhi. Both exits are expected to be completed by the end of the year, Kotak Realty Fund executives told media. Details of the value of the assets were not discussed.
The news comes a week after Kotak Realty Funds said it would invest INR250 crore ($54.7 million) into Delhi-based Emaar MGF Land Ltd. and an additional INR200 crore ($43 million) into Century Real Estate Holdings. Kotak Realty Funds, the PE arm of Kotak Mahindra Bank, manages two domestic vehicles: the fully invested, INR458 crore ($99.2 million) Kotak India Real Estate Fund, and the INR1,578 crore ($341.9 million) Kotak Alternate Opportunities India Fund, both of which largely received investments from HNI clients.
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