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Construction : Deals | October 2012 | Source : Construction Update

HDFC PMS sells its stake in Runwal's project for Rs 250 cr

HDFC Portfolio Management Services, a division of HDFC Asset Management, has sold its 50 per cent stake in property developer Runwal Group's project in Mulund suburb of Mumbai for Rs 250 crore. The Mumbai-based developer has bought out the joint venture partner in a transaction that was inked earlier this week.

HDFC PMS' exit from this project is one of the largest realty fund exits in terms of returns. With over 250-crore exit, HDFC PMS has made nearly five times returns on its investment of 51 crore in little less than three years. Runwal Group confirmed the exit.

HDFC PMS had invested in the project at early stage of land acquisition with total investment of Rs 275 crore, including Rs 55 crore as equity and rest as debt. Runwal had repaid the debt component within a year of land acquisition while the equity investment has received an exit now.
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