ICICI Prudential divests its investment in KUL Ecoloch

MUMBAI: ICICI Prudential has successfully divested its investment in ``KUL Ecoloch’’ a township project in Pune being developed by River View Properties Pvt. Ltd., a subsidiary of Kumar Urban Development Limited. The portfolio had invested Rs 47.5 Cr, and the investment has generated a gross IRR of about 27% on its investment.
ICICI Prudential Real Estate PMS on behalf of its investors had invested with Kumar Developers in their 105 acre integrated township being built at Mahalunge next to Hinjewadi on the outskirts of Pune.The township was launched successfully in 2011 and had generated significant end user interest given its close proximity to Hinjewadi, one of the largest IT hubs outside of Bangalore.
A diversified portfolio is part of the PMS offering of ICICI Prudential AMC Ltd. The Portfolio has been managing capital commitments of more than Rs 750 Cr since its inception and has made 14 investments across Mumbai, Bangalore, Pune, Chennai and NCR. Earlier in April, 2010, the Portfolio had made its first exit by divesting its investment in DS Kulkarni Developers Ltd. Bangalore project, generating deal level IRR of about 22%.