Milestone invests Rs 75-cr in residential project in Chennai

Private equity firm Milestone Capital Advisors has invested Rs 75 crore in a residential project- Torrence, being built by Landmark Developers in Chennai.
"Milestone has invested Rs 75 crore with Landmark Developers for developing a residential project in Chennai on a four acre land parcel owned by Shriram Group," the company said in a statement.
The investment will be made through Milestone's real estate development fund in a structured debt format for a tenure of 36 months, it added.
The company had recently made an investment of Rs 33 crore from the fund with NCR based developer, ATS for its residential project Dolce.

"Apart from consistently distributing returns to our investors through regular exits across our funds, we have also been steadily making investments. Over the past couple of years, we have returned over Rs 2,000 crore and have invested over Rs 550 crore across multiple deals pan-India," Milestone Capital Executive Vice Chairman Ruby Arya said.
The project comprises of four towers with 16 floors each and is expected to provide around 600 housing units of 2 and 3 BHK and has secured the necessary approvals, the company said.
Milestone recently exited 247Park in Mumbai at a deal size of Rs 1,060 crore, possibly making it India's largest real estate PE fund exit.

"We are also in the process of closing a few more deals in Mumbai and Bangalore and will look to invest Rs 100-120 crore in residential real estate across metro cities, through our new fund Milestone Opportunities Fund 10," Arya said.