Motilal Oswal funds exits from Pune real estate project

Motilal Oswal Real Estate, the real estate private equity arm of Motilal Oswal Group has made an exit worth Rs 105 crore from an investment in a project of Pune-based builder Kolte Patil Developers. The investment was made through two of its funds India Realty Excellence Fund II (IREF II) and India Realty Excellence Fund III (IREF III) in a project called City Avenue in Pune’s Wakad locality, the fund said in a release. The project is spread across 2.8 lakh sq ft comprising one residential and one commercial tower. The construction for the project commenced in the year 2016 and the residential portion has been sold completely, while finishing work for the commercial phase is underway. MORE had invested Rs 58 crore in this project in December 2015 by picking up an equity stake in the project and has now exited with an internal rate of return (IRR) of over 23%.