In one of the largest and most successful investments in Indian real estate sector, Lodha Group exits HDFC Property Fund from World Towers for INR 1500 crores

October 26, 2016 By LODHA

Mumbai October 26 2016: Lodha Group, India’s largest real estate developer by sales, today announced one more successful investor exit of HDFC Property Fund’s equity stake in its World Towers project for INR 1500 crores. This transaction concludes one of the most successful and largest exits in real estate sector with 3x return on investment. The offshore fund sponsored by Housing Development Finance Corporation Ltd (HDFC), had invested INR 500 crores in 2010. The exit was funded through internal accruals and partly through fresh fund raising.

The investment was made in Lodha Group’s landmark development, The World Towers; spread over 17 acres in the heart of South Mumbai comprising of 3 ultra-luxury high-rises.  In the development, possessions at World Crest have already started and the Tier 1 of World One is slated for delivery in mid-2017.

Lodha Group is one of the most profitable real estate developers in India and the largest by sales for four consecutive years. In a year which witnessed difficult economic conditions and sluggish growth, the company clocked record sales and collections backed by homebuyer’s confidence and trust in the brand.  In FY 15-16, Lodha Group achieved net sales of INR 6,400 Cr and delivered 6,800 homes, making it one of the most profitable companies in the sector. The Group’s tremendous success has been marked by financial investments from the finest global long-only investors, including JP Morgan, Deutsche Bank, HDFC Property Fund and ICICI Ventures.

HDFC Property Fund, sponsored by HDFC, is one of India’s largest private equity real estate funds and invests in residential, commercial, mixed-use projects. HDFC Property Fund has leading domestic and international institutional investors comprising of sovereign funds, pension funds, financial institutions, reputed family offices etc.

Mr. Abhishek Lodha, Managing Director, Lodha Group said, “This milestone is a testimony of our ability to deliver on our promise and commitments of creating high value for our stakeholders, be it customers or investors. HDFC Property Fund’s investment in World Towers has played an instrumental role in making it truly an iconic landmark in Mumbai. We would like to thank them for being a long-standing partner in our success and hope to further strengthen our relationship.”

Mr. KG Krishnamurthy, Managing Director and CEO, HDFC Property Ventures Limited said, “This transaction was one of our largest investments in Mumbai and came at a time when the real estate sector was facing sluggish sales and low investor confidence. However, Lodha Group’s robust business performance and strong brand credentials continue to outperform market expectations. We are glad to be part of the company’s success and look forward to our long-term engagement.”

About Lodha Group:

Established in 1980, privately held Lodha Group is India’s leading real estate developer and amongst the world’s select multinational real estate developers with presence in India and the United Kingdom. The company is one of the most profitable players in India and the largest by sales, having clocked over INR 6,400 Cr for FY 15-16. The company is currently developing around 4.1 crore sq. ft. of prime residential real estate globally with the largest land reserves in the Mumbai Metropolitan Region and has 31 ongoing projects across London, Mumbai Metropolitan Region, Pune and Hyderabad. In FY 2015-16, Lodha Group delivered 3.5 crore sq ft of real estate and 6,800 units across projects.

Lodha Group has several landmark developments to its credit including World One, Mumbai, the world’s tallest residential tower, and has brought some of the top global names including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Greg Norman and Pei Cobb Freed to India. In 2013, the Group has extended its international footprint with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in Prime Central London from the Canadian Government for a consideration of over GBP 300 million (INR 3,100 Cr). Lodha Developers is one of the largest corporate entities in Mumbai, with over 3,870 direct associates and over 25,000 workmen at its sites. The group is committed to investing two per cent of its profits towards corporate social responsibility, focused primarily on education as a transformative tool. With offices in London, Dubai and Shanghai and planned openings in the USA and Singapore, Lodha Group is on the road to substantial international presence.

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About HDFC Property Fund

HDFC Property Fund (HPF) was established in 2004 by HDFC as a private equity fund focused on real estate.  With four funds in 10 years, HPF has since raised aggregate corpus of INR 1,464 crores from domestic investors and USD 1.12 billion from international investors.

With almost 40 investments in all major cities of India, HPF has a diversified portfolio with investments in residential, commercial, townships, IT parks, EPC /contracting companies and hospitality projects. The HPF team has substantial professional experience in investing in Indian real estate sector having partnered with over 26 developer partners and achieving 23 exits since its inception.

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