London-listed private equity firm Trinity Capital Plc. has exited its investment in a residential property in Bandra being developed by Mumbai-based Keystone Realtors, by selling back its stake to the promoter. This will be the second exit of Trinity Capital in the last one month, as it had also sold its holding in another development of Keystone for Rs 90.3 crore (£12.6.million or $20.14 million).

In the latest transaction, Trinity’s Mauritius unit TC15 had received Rs 32.2 crore or £4.4 million for the stake. Trinity had made a commitment to invest £20.5 million ($33.6 million) in four tranches in Rustomjee Constructions Pvt Ltd, but ended up investing only £3.6 million ($5.9 million) in one tranche. TC15 held 49 per cent stake in Rustomjee while the rest is held by the developer. Trinity had invested in the company in May, 2008.

While Trinity has 45 per cent stake in TC15, the rest is held by German investor SachsenFonds Holdings GmbH, through Immobilien II. Trinity Capital is expected to get £2 million ($3.27 million) from this sale.

The exit comes as the project development has not started yet. “The promoter is still at the agreement negotiation stage with the housing societies, which marks the first step, prior to commencement of work. The requisite approvals are also in the process of being obtained from the relevant local authorities,” Trinity said in a filing.

According to Trinity Capital, SachsenFonds Holdings has lodged an appeal against the decision in the Court of Civil Appeal in Mauritius. Trinity has said last month that the lawsuits filed against the company by SachsenFonds’ units Immobilien I and II have been dismissed.

SachsenFonds had started a $168 million (€116 million) claims process against Trinity Capital in the Supreme Court of Mauritius last year.

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