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Indiareit Fund V exits Skylark Mansions’ Bengaluru project

Friday, 03 Jan 2020
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Piramal Fund Management's 'Indiareit Fund V' has exited its investment in Bengaluru-based developer Skylark Mansions for an undisclosed amount.

Indiareit Fund V had invested Rs 36 crore in Skylark Mansion in 2014 for a luxury residential project in Bengaluru, Karnataka, which has now been taken over by Shankaranarayana Constructions (SNC) to develop a premium commercial project.

The transaction, facilitated by property consultant JLL, included sale of a prime commercial land parcel on Richmond Road in Bengaluru's central business district to SNC. SNC has now taken over the project and plans to invest over Rs 100 crore to develop office space on the land.

The deal is expected to yield an IRR internal rate of return of 18-19 percent for Piramal Group. The development comes within five months of Piramal Fund Management seeking an extension from investors for exiting its investment made through this fund.

Indiareit Fund V, which was launched in 2013 with a primary tenure of six years (extendable by up to two additional one-year periods), had made 10 investments and has already exited completely from four of them and partial exit from one project. Since the six-year tenure of the fund ended in July 2019, Piramal Group had sought an extension of one year from 1 August 2019 to 31 July 2020 for exiting from its residual investments.

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