Dalmia Group's property investment subsidiary
Landmark has divested its entire stake in the Ghaziabad township project of Wave Infratech for a consideration of Rs 350 crore. The deal earned Landmark an internal rate of return (IRR) of 22 per cent for its investment of Rs 111.26 crore in January 2007.
Between June 2013 and February 2014, the payout would take place in six tranches. This is Landmark's third exit, the other two being exit from ATS Group with 2.5x returns and Shipra’s residential high-rise apartment development in Indirapuram, Ghaziabad with 2.1x returns.