London-listed private equity firm Trinity Capital Plc. has sold its stake in a 127 acre integrated township in Thane (Maharashtra) by selling its stake to the developer for Rs 90.3 crore (£12.6.million or $20.14 million). The private equity firm had invested $16.95 million (£10.6 million) in the project Kapstone Constructions Pvt Ltd, being developed by Keystone Realtors. Trinity had picked up 16 per cent stake in the project through Trinity Capital (Three) Ltd in October, 2006.
Trinity had invested Rs 76 crore ($16.95 million) in the project, thus exiting at a profit. However, the stake is being sold at 17-18 per cent discount to the valuation of Rs 109.6 crore (£15.3 million or $24.45 million), ascribed to Trinity’s investment in its shareholders’ report dated March 31, 2010.
The 127 acre integrated development in Thane area offers a plethora of amenities such as shopping complexes, schools and commercial space. The development has a saleable area of 9.2 million sq. ft. and is expected to be completed by 2015-16.
Trinity has also invested in other Keystone projects like residential development in Bandra and a township in Virar.
Last year, Trinity (earlier known as Trikona Trinity Capital) had appointed Ajay Piramal Group-promoted Indiareit Fund Advisors Pvt Ltd as its India investment manager, in place of Trikona Advisors. The fund had exited its investment companies like Phoenix Mills, Pipavav Shipyard, IL&FS Transportation Networks and DB Hospitality since 2009.
Trinity Capital was listed on London’s Alternate Investment Market in April, 2006, after raising $400 million (£250 million). The real estate-focused fund was one of the most active investors in the space during 2006-2008. Some of its current major investments include DB Realty Ltd and Uppal IT Park in Greater Noida.