Kolte-Patil Developers Ltd said on Tuesday it has completed its Margosa Heights project in Pune, generating an internal rate of return of 36% and a money multiple of 3.1 times for the city-based company and its US partner Portman Holdings.
The project was developed under a special purpose vehicle called Bellflower Properties Pvt. Ltd, which is an equal joint venture between Kolte-Patil and Portman. The project, which has 20 mid-rise apartment towers along with retail elements, is spread across 1 million square feet.
The deal was sealed in 2008 and was the first investment for the Atlanta, US-based company in the real estate market of India, the statement said.
Portman has a significant presence in India and plans to be present in all segments of real estate investments and development. Globally, it has developed approximately 60 million square feet of office, hotel, trade mart, residential and mixed-use real estate and deployed in excess of $7 billion in actual costs of construction.
Rajesh Patil, chairman and managing director, Kolte- Patil Developers, said: “Our expertise and Portman’s value additions have been important for the success of this project. We have a flexible, project-specific capital structuring philosophy based on cash flow and approval visibility.”
Rahul Anand, managing director, Portman Holdings India, said: “The partnership approach adopted in this project is consistent with Portman’s long-term development and investment strategy in India and a key factor in achieving high project returns for our investors and us.”
Ambrish Baisiwala, global CEO at Portman Holdings, added that the company remains bullish on India and the country is an important market for the firm.
Set up in 1991, Kolte-Patil claims to have developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of over 12 million square feet across Pune and Bengaluru.
Like this report? Sign up for our daily newsletter to get our top reports.
Leave Your Comment
9 years ago
Kolte Patil Developers Ltd (KPDL), a Pune-based real estate firm, has entered...
4 years ago
Pune-based real estate developer Kolte-Patil Developers Ltd has acquired a 34...
4 years ago
Pune-based real estate developer Kolte-Patil Developers Ltd along with ASK Real...