Milestone Capital exits residential project, raises Rs 200cr

Private equity player Milestone Capital Advisors today said it has exited from a residential project of Godrej Properties, realising Rs 200 crore.
The company has exited its investment in the 3 million sq ft residential project, Godrej Prakriti in Kolkata for Rs 200 crore, it said in a statement.
Milestone had invested in the project, spread over 23 acres, through two of its development funds -- Milestone Domestic Scheme I and II.
"At a realisation of Rs 200 crore, this demonstrates yet another example of Milestone's full cycle capability of fund raising, deployment, nurture and exits," Milestone Capital Advisors Vice Chairman and Director Rubi Arya said.

Earlier exits from these development funds include Platina, a mixed use premium commercial space in Gachibowli, Hyderabad at an investment multiple of 1.53 times and Belfort, a senior living project in Pondicherry at an investment multiple of 1.83 times, the statement said.
"We conclude this highly profitable exit especially in a challenging market like Kolkata. We invested five years back in this project which has generated a multiple of 2.3 times on exit. Our philosophy is to partner reputed developers with emphasis on execution, brand and governance," Arya said.

Arya added, the company was in discussions for further investments in other projects of Godrej Properties from the company's new as well as forthcoming funds.

"Also we are well on track to raise our 10th structured debt format, albeit having a much shorter tenure of three-and-half years," she said.
Milestone has raised around Rs 1,350 crore through its development funds and its investments are spread across 22 million sq ft of prime commercial and residential properties, including affordable housing, premium residentials, integrated townships, commercial offices, logistics and warehousing.
The company currently manages four development funds including Milestone Domestic Scheme I, II and III and Milestone Fund LLC.