Milestone Capital gets new real estate CEO1 min read . Updated: 08 Jan 2014, 09:46 PM IST
Alok Aggarwal will oversee all funds in the real estate development, mezzanine and real estate investment trust (REIT)-like structures
Milestone has been scouting for a new chief to head its real estate business since its whole-time director and managing partner Ashish Joshi left in December 2012.
Aggarwal will oversee all funds in the real estate development, mezzanine and real estate investment trust (REIT)-like structures.
With over ₹ 3200 crore worth of assets under management across seven funds, Milestone manages investments into over 25 million sq ft of real estate projects, it said in a statement.
Prior to joining Milestone, Aggarwal served as director, SUN-AREA Property Partners, a joint venture between Ares Management and SUN Group.
Milestone Capital has been trying to steady up its business since the death of its founder Ved Prakash Arya in an accident in August 2011. The firm has been focusing on exits, especially non-real estate investments, and has returned capital and income worth ₹ 1,500 crore so far to investors.
In February, it sold Ecofirst Advisory Services, the engineering consultancy business, for an undisclosed amount to Tata Consulting Engineers Ltd.
In March, Quadria Capital Investment Advisors, an Asia-focused healthcare private equity fund, acquired Milestone Religare Investment Advisors Pvt. Ltd, which runs a ₹ 410 crore healthcare and education fund. “Following these divestments, the focus is on real estate now, Milestone’s core business," said Ruby Arya, WHO, in an interview to Mint in July.
Milestone is also raising fresh capital of ₹ 300-500 crore from high net worth individuals to be deployed in real estate.