Portfolio
Fountainhead, Pune
Project Details:
Asset Class : Residential
Land : Located on top of Market City Retail, Pune
Leasable / Saleable Area : Phase I – 0.35 million sq ft
Phase II – Under review
Location : Pune, Maharashtra
Indian Portfolio Company : Alliance Spaces Private Limited
Development Partner : The Phoenix Mills Limited
Investment Date : November 2007
Completion Date : "Phase I – Under Construction
Phase II – Planning Stage

Funds Invested : EUR 4.58 million
Equity Stake : 20%

Project

The project is located on Nagar Road, in the heart of the Pune's IT corridor and is a part of the Market City Retail project in which Yatra has invested. The city is also a major educational hub, home to a number of prominent technical and higher education institutes.

The project comprises of two luxury residential towers currently under construction in Phase I. These residential towers were launched in market in the first quarter of 2014. Phase II of the project would comprise of commercial office or residential space under joint development model.

Our development partner in the project is The Phoenix Mills Limited, a leading real estate development company specialising in the construction of retail malls and large format mixed use developments across India. It has been instrumental in setting up one of Mumbai's premier retail destinations, High Street Phoenix, a 2.5 million square feet integrated mixed-use development comprising retail, hospitality and commercial space. Phoenix has developed large-scale retail-led mixed-use projects under the brand Market City in city centre locations in Mumbai, Pune, Bangalore and Chennai; over the last few years, these 4 malls have opened for trading.

Yatra has fully exited from this investment in August 2017 and received the entire sale proceeds of EUR 1.70 million.

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