MORE invests Rs. 114 cr in Pune & Bangaluru
MORE invests Rs. 114 cr in Pune & Bangaluru
The real estate arm of Motilal Oswal private equity has made investments worth Rs. 114 crore in two projects – one in Pune and the other in Bangaluru. While Pune based Kolte Patil developers received Rs. 58 crore, Skylark Mansions which is based in Bangaluru collected funds worth Rs. 56 crore.
Motilal Oswal Real Estate (MORE) has partnered with Kolte-Patil Developers’ for a mixed-use project located in Wakad with frontage on the Mumbai-Pune express highway. The investment in Skylark Mansions is for their impending residential project being developed in Hennur Road, Bangalore.
“These fundings are aligned with our strategy of investing with established developers for their mid-income housing projects at city centric locations. Within a year of closing, we have committed the entire capital of IREF II to reputable brands pan India,” said Sharad Mittal, Director and Head, Real Estate Fund, Motilal Oswal Real Estate (MORE).
“Real estate has become an important vertical within our overall private equity business,” said Vishal Tulsyan, MD & CEO, Motilal Oswal Private Equity Investment Advisors adding that “Motilal Oswal Private Equity now manages more than Rs 3,000 crore across five funds in growth, capital and real estate.”
MORE has recently announced its first complete exit from Mahaveer Developers in Bengaluru at an internal rate of return of around 30%. IREF II had invested Rs 40 crore for their two projects in March 2014.
