Mumbai, September 21, 2016: Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL), a leading Pune based real estate developer, announced that it has completed its Margosa Heights project in Pune, generating an IRR of 36% and a money multiple of 3.1 times for itself and its JV partner, Portman Holdings, USA.The project is part of an SPV called Bellflower Properties Private Limited, which is a 50% JV with Portman. This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.
Margosa Heights includes 20mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The development’s total area is ~1 million square feet.This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product &achieve high profitability.
Commenting on the development,Mr. Rajesh Patil Chairman & Managing Director, Kolte- Patil Developers Limited said,“This has been a very good partnership. Our expertise& Portman’s value additions have been important for the success of this project.We have a flexible, project-specific capital structuring philosophy based on cash flow and approval visibility. The company’s strong brand name, execution track record, superior partner selection and robust balance sheet has enabled it to monetize its assets faster, generating attractive returns on investment for Kolte-Patil as well as its partners.”
Rahul Anand, MD, Portman Holdings India said,“We are happy with our returns and the experience of working with Kolte-Patil on this project has been very good. Kolte-Patil team has demonstrated an impressive track record of delivery and quality on the Project. The partnership approach adopted in this project is consistent with Portman’s long term development & investment strategy in India and a key factor in achieving high project returns for our investors and us”.
Ambrish Baisiwala, Global CEO, Portman Holdings further added,“Kolte-Patil is an important partner for us and we have had a successful relationship with them and continue to look at other opportunities together. We had the opportunity to partner with them at an early stage in this project and exit with goodreturns. We continue to remain very bullish on India and this continues to be a very important market for us”
Corporate Comm India(CCI Newswire)
