Apollo Global exits Mumbai’s luxury project

Apollo Global Management, a giant private equity player which had invested Ahuja Constructions’ premium luxury residential project in the plush Worli area of Mumbai, has sold its entire stake for a massive profit. Six years ago, Apollo had bought 49 percent rights in Ahuja Towers, a 53-storey residential high-rise for Rs. 200 crore and has sold it for Rs. 460 crore.

Apollo, which is listed on the NYSE, managed a portfolio of $163 billion across its PE, credit and real estate funds and other investment vehicles as of March 2015, making it one of the major global alternative investment management firms.

Its focus on Asia real estate comes as global real estate investors like the US-based Blackstone and Singapore’s GIC are aggressively purchasing commercial assets in India and neighbouring countries. Earlier this year, the giant set up real estate PE platforms in Asia with offices in Shanghai, Hong Kong and Delhi, among other cities.