Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL), a leading Pune based real estate developer, announced that it has completed its Margosa Heights project in Pune, generating an IRR of 36% and a money multiple of 3.1 times for itself and its JV partner, Portman Holdings, USA. The project is part of an SPV called Bellflower Properties Private Limited, which is a 50% JV with Portman. This investment was the first residential investment for the Atlanta based full service real estate company which has a significant presence in India.
Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The development’s total area is ~1 million square feet. This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product & achieve high profitability.