ICICI Pru PMS exits from KUL township project in Pune
Mumbai: Asset management firm ICICI Prudential's real estate portfolio management service (PMS) on Monday said it has divested investment in KUL Ecoloch, a township project in Pune.
ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC, had invested Rs 47.5 crore in the 105-acre integrated township in Pune developed by realty firm Kumar Urban Development (KUL), a company statement said.
The investment generated a gross internal rate of return (IRR) of about 27 per cent, it said.
"We believe in the tremendous potential of the realty space that is synchronous with India's growth and are always looking at providing opportunity to our investors to participate in this asset class," ICICI Prudential AMC Head - Real Estate Rahul Rai said.
He said the investment in KUL Ecoloch and successful exit was a reinforcement of the return potential of this segment and the strength of our investment process that has helped accomplish this feat.
ICICI Prudential PMS real estate portfolio has been managing capital commitments of more than Rs 750 crore since its inception and has made 14 investments across Mumbai, Bangalore, Pune, Chennai and NCR, the release said.
Earlier in April, 2010, the portfolio had made its first exit by divesting its investment in DS Kulkarni Developers' Bangalore project, generating deal level IRR of about 22 percent.