HDFC fund exits Lodha's Mumbai highrise project for Rs 1,500 cr

Mumbai, Oct 26 (IANS) Real estate developer Lodha Group on Wednesday said HDFC Property Fund has exited its stake, worth Rs 1,500 crore, in their World Towers project here.

"This transaction concludes one of the most successful and largest exits in real estate sector with 3 times return on investment. The offshore fund, sponsored by Housing Development Finance Corporation Ltd (HDFC), had invested INR 500 crores in 2010," the developers said in a statement here

"The exit was funded through internal accruals and partly through fresh fund raising," it said.

The World Towers, spread over 17 acres in south Mumbai, comprises of three ultra-luxury highrises.

"HDFC Property Fund's investment in World Towers has played an instrumental role in making it truly an iconic landmark in Mumbai," said company Managing Director Abhishek Lodha.

"Possessions at World Crest have already started and the Tier 1 of World One is slated for delivery in mid-2017," the statement said.

"This transaction was one of our largest investments in Mumbai and came at a time when the real estate sector was facing sluggish sales and low investor confidence," HDFC Property Ventures chief executive K.G. Krishnamurthy said in the statement.

--IANS

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