Ajay Piramal-owned IndiaReit, a real estate focussed private equity fund, plans to make a phased exit from special purpose vehicles of Samira Habitats by March 2012.
IndiaReit had invested about Rs 250 crore in 2007 in projects of Samira Habitats, an Alibaug-based real estate developer.
"IndiaReit would be exiting our projects as their cycle of investment is getting over," Sameer Nerurkar, MD, Samira Habitats told HT. "The exit would happen in two ways, one through cash flows received through sales and secondly we are buying back IndiaReit's stake."
Samira Habitats would buy back IndiaReit's stake in one of the projects for Rs 100 crore. IndiaReit would exit about four projects of Samira Habitats by March 2012.
Samira Habitats has a developable land of about Rs 560 crore in Alibaug. The company has also attracted investments from Ashok Piramal group and many high networth individuals (HNIs).
In an earlier interaction with HT, Ramesh T Jogani, CEO, IndiaReit had said that they would exit from Mumbai investment and expect around 20% return on capital.
Samira Habitats is also talking to a Dubai-based PE player for an investment in one of its projects. The Dubai-based PE player could also invest anywhere around Rs 100 crore in Alibaug.