MPC Synergy Real Estate to exit investments in India-based Akme Projects – sources
MPC Synergy Real Estate is all set to exit its investments in the real estate developing company of Anil Nanda Group as told to the Economic Times by two people familiar with the matter. A person involved in the deal with Akme Projects was quoted as saying, “The fund does not want to continue business with Akme Projects as the relationship did not go as planned. Some projects are yet to take off.”
MPC Synergy, it is said is a joint venture between Synergy Asset Management Fund, a private equity investment fund based in Geneva and MPC Capital, the biggest close-ended fund manager in Germany. The venture was started in 2008 with an equity investment of Rs. 1000 Crore to develop premium residential projects.
The joint venture company was called Akme Rhine River Projects and was supposed to develop seven projects in Ludhiana, Mohali, Greater Noida and Gurgaon in 2012. The projects were to bring forth 7,600 apartments and 400 villas.
Akme Projects, Akme Rhine River, Anil Nanda Group, Apartments, Geneva, Germany, Greater Noida, Gurgaon, Ludhiana, Mohali, MPC Capital, MPC Synergy Real Estate, premium residential projects, Rs. 1000 Crore, Synergy Asset Management Fund, villas
