MORE had invested INR 58 Cr. through its funds IREF II and IREF III in December 2015 by taking an equity stake in the project and has now exited with an IRR of more than 23 percent. City Avenue is spread across 2.8 lakh sq. ft. comprising one residential and one commercial tower. The construction for the project commenced in the year 2016 and within just 3 years, the residential portion has been fully sold and delivered with OC while finishing work for the commercial phase is underway.
IREF II is the second fund launched by MORE which achieved its final close in April 2015 at Rs 500 Cr and has till date made 14 investments. The Fund has secured 10 exits at an average IRR of 21.4 percent. The Fund has returned 129% of fund corpus within 4 years from its final close. The Fund has another 30% capital invested across its balance 4 investments which would be divested over the next 1 year.
IREF III is the third fund launched by MORE which achieved its final close in August 2017 at INR 1,000 Cr and has till date made 22 investments. The Fund has secured 6 exits at an average IRR of 22.4%. The Fund has returned 26% of fund corpus within a period of 2 years from its final close.
IREF IV is the fourth fund launched by MORE which has recently achieved its third close at INR 1,050 Cr. The Fund has made 6 investments till date.
