Dalmia group's private equity firm Landmark on Wednesday said it has exited the Ghaziabad township project of Wave group for Rs 350 crore, which is more than three times its initial investment.
"Landmark Group exits Wave project for Rs 350 crore. Landmark has earned 3.15 times on its initial investment," the company said in a statement.
A senior official from Landmark said the fund was invested in 2007 in the township project in the form of equity and the same was bought back by Wave group.
A Wave spokesperson declined to comment.
"In the ongoing scenario where private equity investors in real estate are struggling to recoup their investments, this successful exit envisages the payout taking place in six tranches between June 2013 and February 2014," it said.
Landmark has exited two more investments this year. Its investment in the ATS Group resulted in earning of 2.3 times on its investment.
The other exit was from Shipras housing project in Ghaziabad, where Landmark has earned 2.10 times its original investment of Rs 50.53 crores in the deal.
Landmark has invested with prominent developers such as Ansals, Wave, Parsvnath, Forum, Pioneer, ATS and Kumar Builders among others. It has invested in 25 projects as an equity or a quasi-equity investor.
Wave's first phase of township project would comprise 20,000 dwelling units, of which 4,000 units are close to being delivered. The total project will have in excess of 75,000 dwelling units.
Besides realty, Wave Group is into other businesses like sugar, distilleries, spirits and liquor retail management.
