Motilal Oswal Real Estate (MORE), the real estate private equity arm of Motilal Oswal Group, has garnered about $73 million (Rs 525 crore) from exits across seven investments, which were routed through its India Realty Excellence Fund II (IREF II) and India Realty Excellence Fund III (IREF III), The Economic Times reported.
The projects that the company has exited include Casagrand Builders in Chennai, ATS Group in NCR, ShriramProperties in Bengaluru and Rajesh Lifespaces in Mumbai, which imparted an average internal rate of return of 21 per cent.
“These exits, which have come at such a difficult cycle for the realty sector, lend credence to our investment strategy and robust underwriting and asset management process,” Sharad Mittal, director & CEO of MORE was quoted in the report.
Founded in 2008, MORE is currently managing four real estate funds, namely IREF, IREF II, IREF III and IREF IV, along with proprietary investments. IREF II is the second fund that achieved its final close in April 2015 at Rs 500 crore and has till date made 14 investments.
IREF III is the third fund launched by MORE, which achieved its final close in August 2017 at Rs 1,031 crore and has till date made over 20 investments (including re-investments).
The fourth and the latest fund, IREF IV, recently announced the second close at Rs 850 crore. The fund has a target corpus of Rs 1,500 crore, and will focus on early-stage structured equity or debt investments with established developers and undertake 12-15 transactions of Rs80-150 crore each, MORE said in an earlier statement. The fourth fund has already committed Rs 250 crore across four projects in Chennai, Pune and Hyderabad.
MORE is currently managing assets worth over Rs 7,000 crore.
[“source=dealstreetasia”]
