Private equity real estate firms announced 24 exits during entire 2016. Of these, 22 transactions had an announced value of $1.02 billion, up 13% compared to $905 million across 16 transactions announced in 2015. Thirteen of the exits were through buybacks followed by secondary sales involving sale of stake to another PE investor, which accounted for five exits, according to data from Venture Intelligence.
Among secondary transactions, which involves stake sale to another private equity investor, Kotak Realty exited Mumbai-based developer Nirmal Lifestyle in which Altico Capital invested INR 500 crore. Urban infrastructure Venture Capital received full exit from Ozone Group’s Urbana Project that was funded by structured debt raised from another financier. Urban Infrastructure had invested INR 200 crore in the Urbana project in 2009.
