Motilal Oswal Real Estate (MORE), the real estate private equity arm of Motilal Oswal Group, has exited from an investment in Kolte Patil Developers.
MORE had invested Rs 58 crore through its funds IREF II and IREF III in December 2015 by taking an equity stake in a project and has now exited with an IRR of more than 23 per cent.
Kolte Patil is a real estate developer having operations in Pune, Mumbai and Bangalore markets. The investment was made through two funds - India Realty Excellence Fund II (IREF II) and India Realty Excellence Fund III (IREF III) - in a project called City Avenue, which is adjacent to the Kolte Patil project Western Avenue in Wakad, Pune.
City Avenue is spread across 2.8 lakh sq ft and comprises one residential and one commercial tower. The construction for the project commenced in 2016 and within just three years, the residential portion was fully sold and delivered with OC. Work on the commercial portion is underway.
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