Panchshil Realty buys back its stake
Panchshil Realty has bought back its stake in three projects from Merrill Lynch and IREO for over Rs 720 Crore. Panchshil realty has acquired 50% stake from IREO Real Estate in two projects – EON SEZ at Kharadi and a high-end residential project at Hadapsar for R480Cr.
The third buy back was done in the IT park project at Yerwada in Pune from Merrill Lynch by paying Rs 300 Crore.
Pune based Panchshil Realty is known for its development in SEZs, IT parks, hotels and residential properties in Pune and other places in India.
The company has delivered over 10 Mn sqft of prime real estate and it is currently developing another 23 Mn sq. ft. for residential, commercial and hospitality purposes.
In 2010, Panchsil raised R520Cr from the Xander Group for developing hotels across the country. Other investor – Morgan Stanley has invested over R700Cr in the group at entity level.
More related stories:
1175 apartments in Pune will be constructed for the defense personnel
Real estate project in Pune will get $13 Million
Sources: Dealcurry
EON SEZ, Hadapsar, IREO, Kharadi, Merrill Lynch, Panchshil Realty, project at Yerwada, Residential Project, residential project at Pune, residential properties in Pune
