HDFC Property Fund (HIREF), a closed-end real estate private equity (PE) fund, sponsored by Housing Development Finance Corporation, has distributed a majority of its stake in Pune-based Vascon Engineers (VEL) to existing investors at a loss of 75-80 per cent. This was one of the last major investments the PE fund was holding on to after it completed its seven-year tenure in 2013.
The fund held 12.83 per cent in Vascon, now pruned to 2.4 per cent. After this exit, the PE fund will have only one investment left, South India-based real estate projects company Ozone, in which it had invested Rs 25 crore.
Vascon Engineers has significant experience in providing EPC services, which include, constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings.