Lodha Group exits from HDFC Property Fund from World Tower’s Project
Lodha Group, announced one more successful investor exit of HDFC Property Fund’s equity stake in its World Towers project for INR 1500 crores.
The offshore fund sponsored by Housing Development Finance Corporation Ltd (HDFC), had invested INR 500 crores in 2010. The exit was funded through internal accruals and partly through fresh fund raising.
The investment was made in Lodha Group’s landmark development, The World Towers; spread over 17 acres in the heart of South Mumbai comprising of 3 ultra-luxury high-rises. In the development, possessions at World Crest have already started and the Tier 1 of World One is slated for delivery in mid-2017.