India: Realty PE Milestone Capital eyeing exits worth $145m in a year

Real estate Photo: Mint

Realty-focussed private equity fund Milestone Capital Advisors is working on exits worth Rs 1,000 crore (around $145 million) in the next one year, according to a report in The Economic Times.

The exits come in the wake of the recovering commercial property market and its maturing structured debt investments in residential projects.

The firm is working on 15 exits, and expects the deals to conclude in one year, the report said, quoting Rubi Arya, executive vice chairman, Milestone Capital.

The fund is in advanced talks to exit its investments in Electronic City Tower II in Bengaluru and two warehousing projects in Dharuhera in the National Capital Region and Bhiwandi near Mumbai.

Apart from office and warehousing projects, the fund is also looking to exit residential assets, where it has invested through structured debt transactions.

In the past one and a half years, Milestone Capital has made exits worth Rs 1,700 crore across 20 transactions valued at 18-22% returns across seven funds.

Last year,  it exited a 1.2-million-sq-ft commercial asset 247 Park in the Vikhroli suburb of Mumbai which it sold to Blackstone Group for Rs 1,060 crore. It exited with returns of 2.4 times its investments.

The fund is currently raising its eighth real estate fund in the domestic market, and according to Arya, the new fund has received commitments worth Rs 150 crore from large insurance companies, corporates, family offices and ultra-high networth individuals.

Also Read:

India: Milestone Capital raises $22m of $73m new fund; plans overseas fund

India: Milestone Capital makes first investment from $75m realty fund

India 2016: A year of fund-raising for realty-focussed PE firms & platform deals up ahead

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.