ICICI Prudential Asset Management Company’s (AMC) real estate portfolio management service (PMS) said it has divested investment in Kumar Urban Development (KUL) Ecoloch, a township project in Pune.
The PMS, a part of ICICI Prudential’s AMC, had invested Rs 47.5 crore in the 105-acre integrated township in Pune developed by realty firm KUL, a release said.
The portfolio had generated a gross internal rate of return (IRR) of about 27 per cent.
It has been managing capital commitments of more than Rs 750 crore since its inception and has made 14 investments across Mumbai, Bangalore, Pune, Chennai and NCR, the release said.
Earlier in April 2010, the portfolio had made its first exit by divesting its investment in D. S. Kulkarni Developers’ Bangalore project, generating deal level IRR of about 22 per cent.
Mr Rahul Rai , Head-Real Estate , ICICI Prudential AMC, said, “We believe in the tremendous potential of the reality space that is synchronous with India’s growth and are always looking at providing opportunity to our investors to participate in this asset class. 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”.
He added “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.”