CHENNAI: Even as many developers struggle to sell their stocks and complete projects in time, Casa Grande Pvt. Ltd., a Chennai- based developer, has provided exit to Avenue Venture Real Estate Fund from one of their projects off the IT Highway within 18 months of the fund's investment.
The exit has given Avenue a yield of 1.6X to IRR of 38%, said sources in the company.
This is the second exit Casa Grande has provided to Avenue, earlier being for the project at an IRR of 74%. For Avenue, this is the fourth exit in less than three years since the fund's incorporation.
Casa Grande began with a seed capital of Rs 5 crore in 2004 from a PE and gave exit to the same in 2012, at a yield of more than 10X with IRR of over 50%.
The company has developed projects over three million sq ft till date across 64 projects. It has more than 6 million sq ft under construction.