ICICI Pru PMS exits Pune realty project [July 2012]

Asset management firm ICICI Prudential's real estate portfolio management service (PMS) has divested investment in KUL Ecoloch, a township project in Pune.
ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC, had invested Rs. 47.5 crore in the 105-acre integrated township in Pune developed by realty firm Kumar Urban Development (KUL). The investment generated a gross internal rate of return (IRR) of about 27 per cent, a company statement said.
ICICI Prudential PMS real estate portfolio has been managing capital commitments of more than Rs. 750 crore since its inception and has made 14 investments across Mumbai, Bangalore, Pune, Chennai and NCR, the release said.
Earlier in April, 2010, the portfolio had made its first exit by divesting its investment in DS Kulkarni Developers' Bangalore project, generating deal level IRR of about 22 per cent.

8