Apollo Global Management has sold its stake in residential project Ahuja Towers of Mumbai-based Indian real estate company Ahuja Constructionss. Apollo invested $30.1 million in the Ahuja Towers project for 49 percent voting rights in the company. Apollo made $69.35 million with the sale of its stake, resulting in a 2.3x multiple return on their investment.
DUBAI, UAE, January 12, 2016 /PRNewswire/ —
The private equity firm’s investment of 30.1 Million USD (approx.) more than doubles in six years
NYSE-listed global private equity fund Apollo Global Management has made an exit from super-luxury residential project Ahuja Towers of Mumbai-based Indian real estate company Ahuja Constructions’ at approximately 69.35 Million USD (conversion rate as on date of exit: Rs 460 crores).
Apollo had invested approximately 30.1 Million USD (conversion rate as on date of exit: Rs.200 crores) in the Ahuja Towers project for 49 percent voting rights in the company. With over $90 billion as corpus for India, Apollo Global Management is one of the largest global private equity funds investing in diverse sectors ranging from Logistics, Textiles, and Real estate etc. Apollo has taken successful exit from its investment in the Ahuja Towers project wherein they made approximately 69.35 Million USD (conversion rate as on date of exit: Rs.460 crores) for their investment of approximately 30.1 Million USD (conversion rate as on date of exit: Rs.200 croresapprox.) resulting in multiple of 2.3 times on their investment value.
When contacted the spokesperson of Ahuja Constructions, they confirmed the exit.
This comes at a time when most realty funds are finding it difficult to exit their investments in Indian real estate projects amid a slowdown in the property market. Ahuja Constructions used the money invested by Apollo Global Management to develop the 53 storey super luxury residential project Ahuja Towers which has redefined the skyline of Worli Mumbai in India.
Apollo Global, with over $162 billion of assets under management, has recently set up real estate private equity platforms in Asia with offices in Shanghai, Hong Kong and Delhi, among other cities.
Notes to Editor
About Ahuja Constructions:
For over three decades, Ahuja Constructions have proudly been punctuating the Mumbai skyline. Leveraging their formidable experience, expertise and technology, they introduced the urban residents to the art of extraordinary Living. Every space created by them has been the hallmark of luxury, detailing and innovation.
Ahuja Constructions has so far developed 44 projects spread over the belts of Worli to Borivali, Chembur to Mulund and Navi Mumbai in Mumbai, India. It has a total 7 million sq ft of projects under planning in locations including Worli, Bandra, Khar, Oshiwara, Sion, Malad, Ambarnath and New Bhiwandi in the Mumbai Metropolitan Region. This would be further augmented to ensure a pipeline of 10 million sq ft at any given point in time. Their diverse portfolio of projects encompasses Greenfield, Society Redevelopment, Joint Ventures as well as SRA developments.
About Ahuja Towers:
Ahuja Towers in Worli, Mumbai is a testament of timeless design, classic elegance and international lifestyle combined with practically efficient and sustainable real estate development. This iconic 53 storey residential tower caters to the aspirations of the new age, globe-trotting connoisseurs of the modern world who have experienced superior levels of services. With architecture design by Palmer & Turner, Singapore and interiors by Wilson Associates, New York, residents will enjoy 13ft high-ceiling apartments, a 270 degree sea and city view as well as a host of premium facilities like a business centre, mini theatre, wine cellar, private dining area, spa and beauty salon together with other club amenities. Besides this, the building will be fully serviced and come replete with concierge services by quintessentially, Valet and even a chef on demand.
SOURCE Ahuja Constructions