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Milestone Invests Rs 110 Cr in Godrej’s Kolkata Project

05 October, 2009

Milestone Real Estate Fund has invested Rs 110 crore in a residential project in Kolkata being developed by Godrej Properties. The project will be developed over 3 million square feet and will be in the mid-segment housing sector. The investment comes from the $125 million realty fund managed by the Milestone Group.

The investment in the Godrej Properties SPV comes even as the firm is preparing for its initial public offering (IPO). The company is expected to hit the markets with its Rs 500-crore offering in coming months.

“Focus is shifting from conceptualization to execution and this is where we too are in a position to bring in an active management approach,” said Ved Prakash Arya, Group CEO and MD, Milestone Group.

PE investments at project level seems to be picking up even as developers like Emaar MGF, Lodha Developers, Subrata Roy’s Sahara Prime City, Delhi-based developer Ambience Ltd rush for their IPOs.

Last month, Red Fort Capital picked up a 22% stake in Parsvnath’s La Tropicana in Delhi for $25 million. IREO has also announced that it would invest $2 billion to develop an integrated township with 20,000 flats in Gurgaon.


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Milestone Invests Rs 110 Cr in Godrej’s Kolkata Project

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