Goregaon IT Park of Kotak Realty sold for Rs. 385Cr

By Staff Reporter
Kotak India Real Estate Fund-I, a $100 million (Rs 450 crore) fund managed by Kotak Realty Fund, has sold its stake in Peepul Tree Properties Pvt. Ltd to Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd, for Rs 385 crore. Kotak Realty manages around $800 million in funds. In 2006, Kotak Realty had invested Rs 95 crore in Peepul Tree, which owns a 700,000 sq. ft information technology (IT) park in Goregaon, a Mumbai suburb, thus making a four-fold return on its investment.