Track2Realty: The Landmark Group has exited from Wave Group’s 4,500 acre Hi Tech City (Wave City) in Ghaziabad for Rs. 350 crore. The Group had earlier invested Rs. 111.26 crore in in the project.
The first phase of the project will comprise of 20,000 dwelling units, of which 4,000 units are close to being delivered. The total project in its final configuration will have in excess of 75,000 dwelling units.
Earlier this year, Wave Group ventured into affordable housing segment by launching Dream Homes at Wave City Ghaziabad, at sub Rs 14 lakh bracket.
Landmark has earned 3.15 x on its initial investment. In the ongoing scenario where private equity investors in real estate are struggling to recoup their investments, this successful exit envisages the payout taking place in six tranches between June 2013 and February 2014.
Landmark has exited two more investments this year. Its investment in the ATS Group earned it a multiplier of 2.3 x on its investment, with an implied IRR of 24.5%. The other exit was from Shipra’s residential high-rise apartment development in Indirapuram, Ghaziabad, where Landmark has earned 2.10 times its original investment of Rs. 50.53 crores in the deal.
Landmark, a company of the Dalmia Group, is one of the earliest and a leading investor in real estate projects. It has invested with prominent developers such as Ansals, Wave, Parsvnath, Forum, Pioneer, ATS, Kumar Builders etc. It has invested in 25 projects as an equity or a quasi-equity investor.
