London-listed private equity firm Trinity Capital Plc. has sold its entire 23 per cent stake in a residential township in Mumbai’s Virar suburb for Rs 47.5 crore (£6 million or $9.6 million), the company has said in a filing. The project, with a saleable area of 12.5 million sq. ft., is being developed and majority-owned by Keystone Realtors, also known as the Rustomjee Group. However, it was not disclosed if the stake was sold to the promoters or a third party.
With this transaction, Trinity Capital has exited all three realty projects of the Rustomjee Group where it invested during 2006-2008. The real estate investment firm had sold its stake in a 127 acre integrated township in Thane (Maharashtra) in July, followed by another exit from a Bandra residential project in August.
Trinity Capital had invested Rs 45.1 crore (£5.7 million or $9.1 million) in the Virar project in October 2008 and the investment was valued by the company at Rs 28.5 crore (£3.6 million or $5.8 million) as of 31 March 2011.
The Virar project is located less than 3 km from Mumbai’s western commuter railway line. The development is coming up with a residential township, parking and retail space across a development area of over 12 million sq. ft. Construction work has commenced and the first residential towers are expected to be complete by 2011, according to Trinity Capital.
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.