Bhartiya Urban Infrastructure and Land Development Company, the real estate development arm of the Bhartiya Group, has acquired the stake held by IL&FS Investment Managers (IIML or IL&FS PE) in its 125-acre integrated township project in Bangalore for Rs 325 crore ($55.3 million).
IIML invested Rs 150 crore in 2007 to acquire 26 per cent stake in the project by way of compulsorily convertible preference shares. The deal gives 2.16x gross returns to the realty investor on its six-year-old investment.
J Sagar Associates was the legal advisor to Bhartiya Group in the transaction.
Bhartiya City is being developed in Hebbal, Bangalore. The project has an estimated built-up area of around 20 million sq. ft. including a residential-commercial component, as well as an IT Park, a hotel and other facilities.
(Edited by Sanghamitra Mandal)