Mumbai
Company has raised Rs 2,800cr so far, of which over Rs 1,200 cr has been deployed
Real estate-focused private equity fund Milestone Capital is planning to raise ` . 500-800 crore through a commercial property fund in the next six months, said a top company official. The private equity player has raised ` . 2,800 crore so far for investing in real estate, of which over `. 1,200 crore has been raised and deployed in commercial real estate across the country in joint venture with IL&FS Investment Managers.
“We are confident that our expansion in commercial fund business will be well supported by investors, given our performance so far. We have divested 25 projects in the last three years and have returned close to 100% of entire real estate portfolio, probably the first by any domestic private equity real estate fund platform,“ Rubi Arya, executive vice-chairman of Milestone Capital Advisors, told ET. “Apart from consistently distributing returns to our investors through regular exits across our funds, we have also been steadily making investments.“
Recently , Milestone Real Estate Fund exited its investment in Vikhroli Corporate Park that owned 247 Park commercial complex in Mumbai. Both joint owners HCC and Milestone Capital sold the as set to Blackstone Group for ` . 1,050 crore -this was the largest exit done by a PE fund in commercial property market in India.
Milestone Capital has recently appointed Kuldip Chawla, erstwhile director of property fund Red Fort Capital, as managing partner, commercial real estate, to drive the fund's commercial business.
Milestone has returned close to . 1,600 crore back to investors ` across its seven real estate funds in the last 18 months. Its strategy to focus on structured debt in line with the property market scenario has helped in realising exits averaging above 20% in the last three funds launched since 2010; and 23% in its residential fund, MDS III.
After returning a capital of around ` . 3,000 crore back to investors, the fund is currently raising its 10th fund, the Milestone Opportunities Fund 10, a senior secured debt fund with upside appreciation. Of the targeted fund size of `. 500 crore, Milestone has received commitments worth . 120 crore so far.`
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