mumbai real estate private equity firm milestone capital advisors has sold its entire stake in godrej properties residential project godrej prakriti in kolkata for rs 200 crore the exit is valued at 23 times of the funds earlier investment that was made five years ago said two persons familiar with the development as part of the initial investment agreement milestone capital had committed to invest rs 110 crore for a 49 stake in the project in october 2009 just before the developers initial public offering for rs 500 crore in december 2009 however the fund invested rs 84 crore in the 3millionsquarefeet project of godrej groups real estate development arm this was one of the private equity firms earliest investments through two if its development funds milestone domestic scheme i ii around 23rd of the project or 2 million square feet has been completed and part of it has also been handed over to the customersanother private equity fund has picked up milestones stake in this secondary transaction said one of the persons mentioned above milestone capital confirmed the exit while adding the fund is in talks to invest in some more projects of godrej properties but declined to name the buyer to continue and build on this relationship we are in discussions for further investments in other projects of godrej properties from our new as well as forthcoming funds also we are well on track to raise our 10th fund milestone opportunities fund 10 which is also modelled on a similar structured debt format albeit having a much shorter tenure of 35 years said rubi arya vice chairman director milestone capital advisors godrej properties declined to comment for the story citing silent period ahead of its quarterly earnings on thursday the project is an integrated residential community development spread over 23 acres on barrackpore trunk road in sodepur close to rajarhat the upcoming itites hub in kolkata milestone has so far raised approximatelyrs 1350 crore through its development funds the funds investments are spread across 22 million square feet of commercial and residential properties including affordable housing premium residential integrated townships commercial offices logistics and warehousing through its development funds milestone had earlier exited from platina a mixed use commercial project in hyderabads gachibowli at an investment multiple of 153 times and belfort a senior living project in pondicherry at an investment multiple of 183 times