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02 October, 2014 14:55 IST
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Source: rss (02-Oct-14)
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Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, announces exits worth Rs 4.4 billion from three of its earlier funds and one from a third party mandate.

These exits have been executed under the leadership of Khushru Jijina, who was re-inducted to oversee Indiareit as Managing Partner three months ago.  This is a strong validation of Indiareits commitment to work immediately on  prioritizing investor returns across all of its advised / managed funds and adds to the Rs 9.05 billion that the fund house has already returned from previous exits in earlier vintage funds and third party mandates.

Khushru Jijina, managing partner, Indiareit said, ''The Piramal Group strongly believes that we are custodians of our investors and in our fiduciary capacity, we felt it appropriate that we give due attention and importance to a renewed focus on exits from our 2006-7 vintage fund vehicles. We have initiated discussions with our development counterparts in order to prioritize such exits with a view towards final realizations keeping in mind the various fund tenures.''

The first is a phased stake sale of an SEZ within a successful township project located at Hinjewadi, Pune, being developed by Paranjape Schemes.

The second is an investment in Mumbai with the Ariisto Group in a residential project at Santacruz as well as a mixed use project at Goregaon. Ariisto Sapphire, a 83 unit premium luxury development has been completed and handed over and well received by the micro market.



Piramal Enterprises Limited  


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