BlackSoil Realty Fund, a private equity fund focused on residential real estate, has exited its over two-year-old investment in Mumbai-based realtor Sheth Developers bagging 1.55 times returns, the PE firm said in a statement.
The investor had put in Rs 30 crore through secured non-convertible debentures (NCDs) back in August, 2014. This was its debut investment from its maiden fund which has a target corpus of Rs 200 crore in addition to a green shoe option of Rs 50 crore.
Ashwin Sheth, founder and chief management officer (CMO), Sheth Developers, said, “BlackSoil helped us raise funds in a tailor made way in August 2014. We look forward to working soon again with BlackSoil group as and when we get the next opportunity.”
Virendra Gala, partner of BlackSoil Realty Investment Advisor LLP, said, “We are happy to conclude this exit with favourable terms ahead of time. We look forward to maintain the strong relations with Sheth Developers through our fund and NBFC platform.”
BlackSoil Realty Fund, which is managed by BlackSoil Realty Investment Advisor LLP, has so far raised Rs 160 crore under its maiden fund and invested Rs 120 crore through six transactions across Mumbai, Bangalore and Hyderabad. It has backed projects of developers such as Ahuja Constructions, Gala & Ghosheh Group, among others.
The statement said the fund is expecting to close a couple of more exits in the coming weeks.
Promoted by Shashi Kiran Shetty, chairman and managing director, Allcargo Logistics; and Gnanesh Gala, managing director, Navneet Education Ltd, the fund allows limited partners to co-invest in projects backed by BlackSoil.
Sheth Developers, which has a portfolio of over 15 million sq ft under construction, recently hit headlines when Singapore’s sovereign wealth fund GIC picked up majority stake in its retail property – Viviana Mall – in Mumbai.
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