Logix Group buys Apollo Global’s stake in its Noida projects
Global alternative asset manager Apollo Global Management LlC has sold its investment in Logix Group’s projects in Noida back to the promoters, marking its first exit from a real estate project since it started investing in the sector on its…

Global alternative asset manager Apollo Global Management LlC has sold its investment in Logix Group’s projects in Noida back to the promoters, marking its first exit from a real estate project since it started investing in the sector on its own in 2016.

The company is also in talks to raise another Rs2 billion from Apollo Global for its upcoming projects, a top Logix Group executive said, according to reports.

The New York-based firm had invested around Rs3 billion across residential, retail and office projects of Logix mainly in Noida and which it has exited in around two years with an internal rate of return (IRR) of around 26%, an attractive rate given the current slowdown in real estate, said Shakti Nath, Chairman and Managing Director of Logix Group.

“We bought back the non-convertible debentures from Apollo Global that we had issued earlier. We are happy that we could give them an exit in such a short period,” said Nath.

The Logix investment that Apollo sold now was the first real estate deal that the company struck on its own in India.

However, it had made a separate Rs700 million investment in Logix Cyber Park as early as 2010. That investment came to it when Apollo acquired Citi Property Investors, the real estate investment division of Citigroup Inc., which had invested in Logix earlier.

(ends)

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