Kolte-Patil - Portman Holdings JV completes Margosa Heights project in Pune, makes an IRR of 36%

India Infoline News Service | Mumbai | September 20, 2016, 15:14 IST

The project is part of an SPV called Bellflower properties private Limited, which is a 50% JV with Portman.

Kolte-patil Developers Limited, a leading Pune based real estate developer, announced that it has completed its Margosa Heights project in Pune' generating an IRR of 36% and a money multiple of 3.1 times for itself and its JV paruner, Portman Holdings, USA. The project is part of an SPV called Bellflower properties private Limited, which is a 50% JV with Portman. This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.

Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The development's total area is ~1 million square feet. This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product & achieve high profitability.

Commenting on the development, Mr. Rajesh Patil Chairman & Managing Director, Kolte-Patil Developers Limited said, "This has been a very good partnership. Our expertise & Portman's value addiuons have been important for the success of this proiect. We have a nexible, project-specific capitat structuring philosophy based on cash flow and approvar visibility.
The company's strong brand name, execution track record, supeior partner selection and robust batance sheet has enabled it to monetize its assets faster, generating attractive returns on investment for Kolte-patil as well as its Dartners."

Rahul Anand, MD, Portman Holdings India said, "We are happy with our returns and the experience of working with Kolte-Patil on this proiect has been very good. Kotte-Patil team has demonstratect an impressive trcck record of delivery and quatity on the project, The partnership approach adoptec! in this proied is consistent with Portman's long term development & investment strategy in India and a key factor in achieving high project returns for our investors and us.

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