Bangalore-based Sobha Developers Ltd has acquired 40.5 per cent stake in its special purpose vehicle (SPV) , Sobha Developers Pune Pvt, from Pan Atlantic Investments Ltd for an undisclosed amount. Post transaction, the buyer holds 59.5 per cent in the SPV.
Sobha Developers Pune Pvt Ltd is engaged in the business ofdeveloping a residential project "Sobha Forest View" situated atHosahalli Village, in Bangalore.
Pan Atlantic Investments held 81 per cent of the equity interest in the SPV and is looking to exit the investment, Sobha Developers said in a stock exchange disclosure.
The foreign investor had picked the stake in mid 2008. Current norms require a mandatory three year lock-in for foreign investments in the domestic real estate sector.
Sobha Developers Ltd that is a real estate development company is backed by Singapore’s sovereign wealth fund Temasek. It develops and constructs residential and commercial properties, as well as undertakes contractual work for corporate customers.