Milestone Cap Advisors sells Bhiwandi logistics park for Rs. 150 crore.

Private equity firm Milestone Capital Advisors has sold a 1.1 million square feet logistics park at Bhiwandi near Mumbai for about Rs.150 crore to a high net-worth investor.

Milestone had acquired ACORN Logistics Park in 2008 through its rental yield fund, IL&FS Milestone Fund I, which invests in ready pre-leased commercial assets.

The park houses several tenants including Flipkart, Tesco and Uniworld Logistics. The exit value of Rs150 crore will add to the average 10-11% rental returns received on investment made in tranches.

'After holding on to this prime asset for more than six years and having earned a rental escalation through this period, the asset has generated a multiple of 1.5 times on divestment,' said Rubi Arya, vice-chairman and director at Milestone Capital Advisors. 'Having an in-house property management and leasing team at Milestone, we could ensure high occupancy and quality maintenance of the property and, thereby, facilitating a healthy exit.'

In April, Milestone had exited from Cerebrum B-2, a 250,000 sq ft commercial property at Kalyani Nagar in Pune.

ET