Edelweiss Alternative Asset Advisors, a subsidiary of Edelweiss Financial Services, on Monday announced that it will acquire two funds of Milestone Capital Advisors. However, financial details of the transaction could not be ascertained.
The two funds — Milestone Opportunities Fund 10 and Milestone Commercial Advantage Fund — have combined assets under management of Rs 150 crore and are registered under Sebis’ Category II Alternate Investment Funds. Edelweiss is also absorbing the investment team of these funds, which have over a decade of rich experience in Commercial Real Estate. The transaction is subject to requisite regulatory approvals.
Milestone is a privately-held alternative investment advisory firm and is India’s first independent real estate private equity investment management platform. It has raised $600 million `3,900 crore) across 11 funds.
Nitin Jain, CEO of Global Wealth & Asset Management Business at Edelweiss, said: “There is a growing demand from investors for high-yielding long-term assets and we believe this is a large structural opportunity. This acquisition will also provide us a seamless entry into the CRE space adjacent to our current offerings in Residential Real Estate.”
Rubi Arya, executive vice chairman of Milestone Capital Advisors, said: “…we are convinced of Edelweiss’ commitment to this business, and believe that with this acquisition, the interest of investors shall continue to be served given their excellent track record.”
