Amplus Realty exits Assetz’s Bangalore residential project Lumos with 2x

Real estate-focused private equity firm Amplus Capital Advisors has exited its over two-year-old investment in a residential project of Singapore-headquartered real estate developer Assetz Property for an undisclosed amount, the company said in a statement.

The investment had gone in a residential project called Lumos back in November, 2012. The project is located at West Bangalore and offers 138 units across 3BHK and duplex apartments. It is slated for completion in 2016.

The firm did not share the investment or exit value but said it has clocked an internal rate of return (IRR) of over 35 per cent and a multiple of 2x on its investment.

Anuranjan Mohnot, chief executive officer, Amplus Capital Advisors, said, “Bengaluru continues to be a key market for our investments. Since inception, the fund has committed investment in five projects across Bengaluru.”

Recently, the PE firm invested Rs 36.8 crore to back an upcoming residential project of another Bangalore-based developer Jain Heights. The investment went to a special purpose vehicle (SPV) to purchase land.

Assetz Property has given back-to-back exits to its investors in the recent past. Segregated Funds Group, the private equity arm of real estate consultancy firm JLL, recently partly exited its first investment through its maiden in a residential project of the developer. It had clocked an IRR of 30 per cent.

Another real estate private equity firm Avenue Venture Partners recently exited its two-year-old investment in a project of the developer clocking an IRR of 33 per cent in a span of two years.

Assetz has so far completed seven private equity exits/part-exits including the exit given to Amplus Realty.

The developer has a project portfolio of 3 million sq ft under construction, 1.2 million sq ft to be completed in the next 12 months and completed and delivered projects covering 3.5 million sq ft.

It recently raised Rs 720 crore from Asia-focused investment firm Equis Funds Group for infrastructure developments of mid-income housing projects.

Amplus is currently deploying funds from its maiden fund and is giving the finishing touches to its plan to raise an offshore fund. The PE fund focuses on city centric high-end or mid-market residential development projects across cities in India.

(Edited by Joby Puthuparampil Johnson)

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