ICICI Prudential divests from KUL Ecoloch project
ICICI Prudential PMS Real Estate Portfolio has divested its investment in ‘KUL Ecoloch’ a township Project in Pune being developed by River View Properties Pvt. Ltd., a subsidiary of Kumar Urban Development. The portfolio had invested Rs47.5 crore, and the investment has generated a gross IRR of about 27 per cent on its investment.
Rahul Rai , head – real estate, ICICI Prudential AMC said: “Our investment in KUL Ecoloch and successful exit is a reinforcement of the return potential of this segment and the strength of our investment process that has helped accomplish this feat. We are continuously looking out for such opportunities to invest with developers developing projects that we believe are likely to generate superior risk adjusted returns.”
Lalit Kumar Jain, managing director & CEO, Kumar Urban Development said, “This has been a mutually beneficial relationship, where ICICI Prudential Real Estate Portfolio had invested with us at land acquisition stage and now with successful launch of township we have given them exit with superior equity returns.”