IL&FS Milestone Fund set to invest Rs 150 crore in coming month
IL&FS Milestone Fund, a major real estate private equity firm is all set to invest around Rs 100-150 crore by next month.
As of now, the investment proposals are being evaluated and term sheets are being worked out. An official has confirmed that the said amount will be invested around April.
The investment is meant to be only in commercial properties across the country. The fund generally focuses on commercial properties which yield rent and also in residential sector.
The company has gained exposure in cities like Mumbai, Kolkata, Pune, Chennai and Bangalore, along with a few mid-segment residential projects.
Also, it has been claimed that the group is planning to exit some investments in next coming months.
Recently, Milestone Capital along with Religare has given mutual deal to sell 100 percent stake in Milestone Religare Investment Advisors to Quadria Capital.
Earlier, IL&FS Milestone realty Advisors was in talks with Blackstone, Morgan Stanley and GIC to sell its entire stakes in a commercial project in Mumbai.
The project is worth Rs 1,000 crore revenue and has 1.2 million sq ft of leasable space in three 14-storey towers which is fully occupied. Siemens, Future Group, DHL Lemiur and HCC are among its prominent tenants.
IL&FS Milestone is a joint venture between IL&FS Investment Managers and Milestone Capital Advisors. There two funds include IL&FS Milestone Fund I (Rs 525 crore) and IL&FS Milestone Fund II (Rs 525 crore). They had bought 74% of stakes in 247 Park, an office property from HCG Group in July 2010 at around Rs 575 crore. The deal valued the property at Rs 775 crore.
The realty adviser is in talks with several other investors for quiet a while and the deal is expected to close soon.
HCC Real Estate is a subsidiary of the HCC Group and continues to hold the remaining stake in the 1.8-million sq ft commercial property in Vikhroli.
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