Warburg Pincus ends JV with Lemon Tree Hotels for student housing

"Apparently, Warburg was not happy with the way the JV had progressed in the last two-three years," said sources

Warburg Pincus has ended a two-year-old joint venture (JV) with Lemon Tree Hotels for student housing and co-living spaces, said sources in the know.

“Apparently, Warburg was not happy with the way the JV had progressed in the last two-three years,” said the sources.

Lemon Tree promoters bought back the stake from Warburg, sources said, adding that Rahul Pandit, chief executive officer (CEO) and managing director (MD) of the company also quit.

Warburg was an early investor in Lemon Tree. In 2018, Warburg shed 12 per cent stake in Lemon Tree Hotels after 13 years during the company's initial public offering (IPO) and