Apollo Global exits Ahuja Constructions' Worli project for Rs 460 crore

Q: Apollo Global had invested Rs 200 crore in the subsidiary that developed 53-storey luxury project in Mumbai's luxurious Worli locality.

Veena K,

7th January 2016

Real estate News in Mumbai

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ahuja constructions

apollo global management

ahuja tower (worli)

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Replies (3)

Yes Aveek,
A few funds have also entered into arbitrations with their developer partners given their stuck investments in the backdrop of slow property market in the last 3 yrs.

Rituraj,

7th January 2016

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It is also come to know that Apollo Global Management along with JP Morgan is set to make another exit from its entity level investment in Gurgaon-based builder BPTP after a long arbitration battle. Apollo Global is expected to get an exit worth Rs 333 crore for its 5.67% stake in the company.

Aveek Paul,

7th January 2016

Are you talking about Ahuja Towers, Worli, the 250-meter tall sea-view skyscraper that has recently received the Occupation Certificate and is ready for possession?

Rituraj,

7th January 2016

Right Ritu,
Ahuja Constructions has developed 44 projects spread over the belts of Worli to Borivali, Chembur to Mulund and Navi Mumbai. It has total 7 million sq-ft of projects under planning in locations including Worli, Bandra, Khar, Oshiwara, Sion, Malad, Ambarnath and New Bhiwandi in Mumbai Metropolitan Region.

Aveek Paul,

7th January 2016

Yes, i read the news. Global private equity fund Apollo Global Management has made an exit from super-luxury residential project Ahuja Towers, Worli of Mumbai-based real estate company Ahuja Constructions'' at Rs 460 crore. had invested Rs 200 crore in the subsidiary that developed 53-storey luxury project in Mumbai's plush Worli locality. The fund had picked up 49% voting rights in the company through this investment and the exit now has resulted in multiple of 2.3 times on their investment value.

david.m,

7th January 2016

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Right David,
But the transaction is taking place at a time when most real estate funds are still awaiting the market to witness a recovery in the property market to seek an exit from their investments.

Aveek Paul,

7th January 2016

Hi Aveek & David,
It is the same project called "Ahuja Towers" is the same project where cricketer Rohit Sharma bought a luxury apartment for Rs 30 crore earlier this year. The 250-metre tall sea-view skyscraper that has recently received the Occupation Certificate is designed by Palmer & Turner Architects, Singapore.

Rituraj,

27th January 2016

Your project is very interesting but I live in Surat. And Mumbai is too long for me. So i am not interested.

vj,

7th January 2016

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