Buybacks by promoters is turning out to be the only available route for private equity exits in the real estate sector. Slowing consumer demand, stringent conditions for raising debt, rising interest rates, and opacity have rendered the sector with a less than positive image for investors.Out of the 19 buyback exits in 2011, there were nine real estate deals. In all, the sector had just 14 exits. January has already witnessed a marquee buyback by Mumbai-based property firm Lodha Developers from Deutsche Bank, predicting a similar trend for the next fiscal.
Source: Financial Express
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