Aditya Birla’s RE fund to buy stakes of project in Pune
The real estate fund of Aditya Birla group is thinking of buying 50 percent of stake in a project in Pune which belongs to Ashok Piramal-led realty developer Peninsula Land.
The 30 acre township project in Pune is worth more than Rs 230 crore and some parts of it will be sold at around Rs 115 crore. This transaction will offer a returns of nearly 25 percent to Aditya Birla Real Estate Fund.
The RE fund will share the additional returns with the Mumbai based developer after the final terms and valuation are negotiated.
Peninsula Land will get the excess share of 25 percent from Aditya Birla Real Estate Fund in addition to returns from its own 50 percent stake.
In December 2011, Peninsula Land had acquired the 33 acre land for Rs 150 crore from Mumbai-based developer Ekta Group and Pune’s Oxford Group under a joint venture.
Out of the 33 acreas, 30 acres land is a contiguous land and the rest 3 acres is around 300-400 metre away from the large plot.
The developers had earlier planned of acquiring the plots which lies in between these two plots and make the whole land parcel into contiguous one. However, after failing to do so, the developer is now looking to sell this 3-acre plot and go ahead with the development on the large parcel separately.
Now, Peninsula Land is waiting for the final green signal from the civic authorities to start construction by July this year with the development planned to be over by the next five years.
The proposed transaction for the Pune project of Peninsula Land with Aditya Birla RE fund will be the fund’s sixth investment deal, leaving over final Rs 700 crore for further deployment in the next one year.
Related Real Estate News:
Commercial property in Mumbai launched by Godrej Properties
Gera’s Trinity Towers, a new launch in Pune
IL&FS Milestone Realty in talks to sell its stake in Mumbai project
Aditya Birla, Aditya Birla Group, Aditya Birla RE fund, Aditya Birla Real Estate Fund, Ashok Piramal, Mumbai, Peninsula Land, project in Pune, Pune, Pune project
