Triangle India Real Estate Fund, promoted by the South Africa-based Old Mutual Property Investments and Mumbai-based ICS Realty, has picked up 25 per cent stake in the special purpose vehicle (SPV) of the mall developer Prozone Liberty, for nearly Rs 450 crore.
The SPV holds the Prozone Liberty’s upcoming malls at Aurangabad, Jaipur, Nagpur and Indore. These malls are reportedly valued at Rs 1,800 crore. Prozone Liberty is a joint venture between apparel retailer Provogue India and the UK-based Liberty International.
Provogue has raised Rs 202 crore from Liberty Capital and Rs 146 crore through a private placement with PE players including New Vernon, Blackstone, Genesis Capital and Fidelity.
The stake purchase in Prozone is Triangle fund’s first investment in the Indian property sector. Old Mutual already has a life insurance JV with Kotak Mahindra and property services company in JV with ICS.
Read more in The Business Standard article.
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