HDFC PMS sells 50% stake in Runwal Group’s project
HDFC Portfolio Management Services (PMS), a division of HDFC Asset Management, has sold its 50 per cent stake in property developer Runwal Group‘s project in Mulund suburb of Mumbai for 250 crore.
HDFC PMS‘ exit from this project is one of the largest realty fund exits in terms of returns. With 250-crore exit, HDFC PMS has made nearly five times returns on its investment of 51 crore in less than three years.
HDFC PMS had invested in the project at early stage of land acquisition with total investment of 275 crore, including 55 crore as equity and rest as debt. Runwal had repaid the debt within a year of land acquisition.
In January 2010, Runwal and HDFC PMS together had bought the 18-acre land parcel on which Runwal Greens is being developed.
Debt, Equity, HDFC Asset Management, HDFC PMS, HDFC Portfolio Management Services, land acquisition, Mulund, Mumbai, realty fund exits, Runwal Greens, Runwal Group
