il fs milestone ppt v2
TRANSCRIPT
INDIA FOCUSED RENTAL YIELD FUND
HEDGE AGAINST VOLATILITY
The pictures shown above are assets owned by IL&FS Milestone Domestic Fund
CORE FUND
Disclaimer: This document is intended only as a summary of the terms of the IL&FS Milestone Core Fund LLC (the “Fund”). Full details of the terms of the product will be contained in the Private Placement Memorandum (PPM) of the Fund, copies of which are available from Investment Advisor. In case of any
conflict between this document and any wording in the PPM, the wording in the PPM shall take precedence.
OVERVIEW PAGE NO.
SUMMARY
INDIAN COMMERCIAL PROPERTY MARKET OPPORTUNITY
FUND FOCUS & STRATEGY
FUND STRUCTURE
TRACK RECORD & TEAM
INDIA ECONOMIC FLASH
EXIT AND LEGAL CONSIDERATIONS
2
4
8
14
18
23
28
SUMMARY
Invest into high quality yield generating real
estate assets leased to blue chip tenants
term
properties
Limited is a joint venture between IL&FS
Investment Managers Ltd. & Milestone Group.
previous two domestic yield Funds and has
launched its third yield focused real estate
Fund under similar strategy
across sectors - offices and warehousing with
a reputation of being aggressive negotiators
Vodafone, IBM, British Telecom, Reliance
Communication, Standard Chartered Bank
etc.
Fund Name:
IL&FS Milestone Core Fund LLC
Target Size:
Maturity: (plus 2 potential one year
)
Target Return: (incl. capital
appreciation, in Indian Rupees). Rental
income to be distributed quarterly (the first year in which returns shall be
distributed half yearly)
Asset Classes: Indian Commercial Property
only – focus on leased out Warehouses,
Offices, Industrial Parks, Hospitals & Hotels
FOCUS THE INDIAN ADVISOR THE PRODUCT
DRAWDOWN
30% upfront, balance in 2 installments of 30% and 40% within 18 months of the final closing
2
SUMMARY OF KEY TERMS
HURDLE RATE /CARRIED INTEREST
FEES
MINIMUMCOMMITMENT
FUND SIZE
TERM ( )
RENTAL INCOME ( )
REDEMPTION
LEVERAGE
REGULATION The Fund will be Regulated under Mauritius FSC. The investment shall be in adherence to the FDI Policy of India
LIQUIDITY The Fund is closed-ended, i.e. there is a lock in for the term. This is to provide the Fund with the liquidity premium required to obtain the best asset pricing on acquisitions and to protect the Fund from forced liquidations. The Fund is a “buy & hold” investment.
3
warehouses) in India provide a great opportunity for building a stable income portfolio
through the cycle lows
SUBSTANTIAL FALL IN COMMERCIAL PROPERTY PRICES SINCE 2008 PEAKS
INDIAN COMMERCIAL PROPERTY MARKET OPPORTUNITY – Why Now?
Global Office Property Clock (2009): Relevant even in today’s market as Indian cities still near cyclical lows
Source: JLLM Research, July 2009
*Source: Internal Research
Seoul, Toronto
Amsterdam
Milan, Washington DC
Berlin, Sao Paulo
Paris, Sydney
Brussels, Shanghai
Hong Kong, Tokyo
London, Moscow
DELHI
MUMBAI
Frankfurt, Madrid, Singapore, Beijing,Chicago, Los Angeles, New York, San Francisco
Mexico City
Rental GrowthSlowing
Rental GrowthAccelerating
RentsFalling
RentsBottoming Out
Asia-PacificEuropeAmericas
>>
INDIAN CITIES LEAD THE GLOBALREAL ESTATE RECOVERY;
DELHI AND MUMBAI HAVE ENTERED THE ‘RENTS BOTTOMING OUT’ QUADRANT
4
COMMERCIAL LEASING OUTLOOK
COMMERCIAL LEASING ACTIVITY TO INCREASE IN 2010
65%
Recovery
Transaction Volume
Absorption Rate
Price Movement
Expansion Contraction Recession
Source: Real Estate Intelligence Services (JLLM)
Past performance is not an assurance of future returns
Forecast
Recovery Expansion
77% 80% 86% 67% 51% 56% 62% 71%
11% 17% 34% 31% -2% -22% -1% 6% 13%
2004 2005 2006 2007 2008 2009F 2010F 2011F 2012F
Moving fromRecession to Expansion
5
FUTURE DEMAND DRIVERS
Telecom density 20% (2008)Projected 51% (2012)
Projected CAGR 21%(FY 2007-2010)
Src: IBEF, BMI, Gartner Inc.
Projected CAGR 19.2%(FY 2008-2012)
By 2012, India will account for 5% (currently 3%) of the
Asia-Pacific revenuesSrc: India Semiconductor Assn
US$ 35 bn by revenueProj US$ 75 bn (2012)
1.1 mn beds (2008)Needs 2 mn more by 2012
Src: IBEF, Technopak, CII
Growth rate of 15-27%(2003-2008)Automotive Mission Plan 2006To reach 10% of GDP and Additional employment of 25mnpeople by 2016.Src.: IBEF
CAGR 51% (2001-07)
By 2010-11, Projected share in global KPO industry 65-70%
Src.: IBEF
Growth rate 30-40% per yearTo add 125 mn sq ft by 2010Indian Govt to spendUS$ 24 bn in the next 8 yrson supply chain infrastructureSrc.: Colliers International, RREEF
TELECOMMUNICATIONS AUTOMOTIVE
KPO
WAREHOUSING/LOGISTICS
COR
ED
EMAN
DD
RIV
ERS
COR
ED
EMAN
DD
RIV
ERS
IT / BPO
BFSI
SEMICONDUCTORS
HEALTHCARE
6
NO ORGANISED OPTIONS AVAILABLE
REITs HEDGE AGAINST INFLATION
ATTRACTIVE ENTRY POINT WITH RISING INTEREST RATES
LOWER RISK & VOLATILITY
REITs are not yet allowed in India;
Hence the proposed fund is
structured as a privately held REITs
History suggests REITs can be a
good, long-term inflation hedge as
investments in tangible hard assets
are good for hedging inflation.
REITs returns have not only kept
pace with inflation, they have grown
faster than inflation
moderate.
Historically REITs provide better
returns when entered at the time of
high interest rates
The volatility of REITs is also lower
Indices. Short term fluctuations in
inflation and interest rates do not
normally impact commercial real
estate and REITs as much as they
impact equity stocks
THE OPPORTUNITY – REIT Like Structure
FTSE NAREIT Equity REIT Index Vs. Consumer Price Index(January 1981 - January 2008)
501980 1983 1986 1989 1992 1995 1998 2001 2004 2008
150
250
350
450
550Indexed at December 1980 = 100.00
Price return of equity REITs increase with inflation. Source: NAREIT.
Consumer Price Index NAREIT Equity Price Index
7
Past performance is not an assurance of future returns
THE FUND – Investment Focus
-
global third party logistics (3PL) players into India, the present logistics' model is rapidly evolving into a more strategic
function.
Changing business dynamics and the entry of global 3PL players has led to the re-modelling of the logistics services
in India. From a mere combination of transportation and storage services, logistics is fast emerging as a strategic
function that involves end-to-end solutions that improve efficiencies.
WAREHOUSES / LOGISTIC PARKS
After a slow down, the real estate market in India seems to have revived, with the commercial sector witnessing a
definite revival of interest.
With rentals at affordable levels and the general perception being that the bottom has been reached, a number of
companies which had earlier adopted a “wait & watch” strategy and deferred any space take-up plans, are now more
amenable to fresh real estate acquisitions.
The rental values remained steady across most micro markets with some markets witnessing a marginal increase in
rentals.
OFFICE BUILDINGS / IT BUILDINGS
Inadequate Government infrastructure is generating lot of interest from the private sectors to enter this domain.
Preferred growth model is long term lease ( )
Price in-elastic segments, hence not affected significantly by economic slowdown
HOSPITALS / SCHOOLS
Detailed report on these sectors by Knight Frank (India) Pvt. Ltd. is available on request
8
THE FUND – Investment Focus
Warehouses / Logistic Parks
Hospitals Schools
Industrial Parks Office Buildings
IT Parks / Buildings
9
THE FUND – Investment Strategy
OBJECTIVE The objective of the Fund is to generate superior and consistent risk adjusted returns by investing in yield driven real estate assets across cities in India. The main focus of the Fund will be to own pre-leased Warehouses, Office
capital appreciation
BOTTOM-UP REAL ESTATE ANALYSIS Asset selection focused on property factors (e.g. quality of the premises, length and quality of income stream, ability to re-negotiate leases)
TOP QUALITY ASSETS Targeting property investments that produce a high, stable income returns over the medium term with an opportunity to drive rental income and capital gains
IN-HOUSE ASSET MANAGEMENT properties
DEVELOPMENT RISK No development risk in investment, with only limited development risk in Warehouses
PORTFOLIO DIVERSIFICATION Target Cities: Primary- Tier I Cities; Secondary-Tier II Cities
DEBT Use of debt to enhance return on investment if there is a positive yield arbitrage
Sector Indicative Allocation
Warehouses / Logistic Parks 30-40%
Offices 20-30%
IT Buildings 10-20%
Industrial Parks 10-20%
Hospitals / Schools 10-20%
10
THE FUND – Return Enhancer Strategy
Entry Structuring Asset Management On Exit (Escalation + Yield compression)
12% -13% p.a.
14% p.a.
15% p.a.
18% -20% p.a.
11
Returns mentioned herein are indicative in nature
THE FUND – Return Enhancer Strategy
Strategy is to enter at normal rental yield of at least
(net of all outgoings eg. Property
)
[years]
Tenants of Repute with Pan-India Presence
(Companies)
Lock-in period of 3 years & Lease tenure of 9-21 Years;
Tenant
ENTRY LEVEL
The Fund will be investing in various portfolio
the portfolio companies shall be kept very low
debt if available at a rate less than rental yield. For
by leveraging
The Fund may also opt for alternate structures like
raising bond money at portfolio company at a
portfolio company income will be enhanced.
STRUCTURING LEVELENTRY LEVEL STRUCTURING LEVEL
12
THE FUND – Return Enhancer Strategy
Increased efficiency of space utilization to provide
higher yield
security etc.
Creating other income avenues through advertising
space, kiosks etc.
Efficient treasury management for Security Desposit
& surplus cash, if any
Proper Compliance of Indian Portfolio Company like
Incorporating energy efficient & cost reducing
technologies across properties
A dedicated team focuses only on this business,
reduces overall cost and enhances investors
returns, to enhance overall asset valuation
ASSET MANAGEMENT
period of 3 to 4 years thereby enabling Fund an
Yield arbitrage
With Yield arbitrage, Fund aims to enhance
investor returns i.e. by entering at 12
and then finding buyer who desires lesser yield for
Even if interest rates are high in the country at the
transferring its assets to an internationally listed
REIT. Presently, internationally listed REITs acquire
Hence, overall
returns to investors will be higher
EXIT
13
IL&FS Milestone Core Fund is a private equity Fund (a private limited company with limited life and limited liability)
organised in Mauritius with a primary investment focus on companies engaged in ready real estate and infrastructure
assets in India
The Fund will be managed by IL&FS Milestone Investment Advisors LLC, a private limited company with limited liability,
organized in Mauritius
The Investment Committee of the Indian Advisor will recommend deals to the Investment Manager. The Investment
final approval
resident Indian
Directors
International Financial Services Limited, Mauritius
Ernst & Young, Mauritius
Nishith Desai & Associates (India)
LEGAL STRUCTURE
PROCESS
BOARD OF DIRECTORS
ADMINISTRATOR
AUDITOR
LEGAL COUNSEL
CUSTODIAN
THE FUND & THE INVESTMENT MANAGER – IL&FS Milestone Investment Advisors LLC
14
Note: For details refer PPM
THE FUND – Structure
INVESTORS
Investment in Class“A” shares
ManagementAgreement
Sub-AdvisoryAgreement
Equity Investments Equity Investments
Investments by CCDEquity Investments
IL&FS MILESTONECORE FUND LLC
IL&FS Milestone RealtyAdvisors Private Limited
Mauritius PortfolioCompany
Cyprus PortfolioCompany
India PortfolioCompany
IL&FS MilestoneInvestment Advisors LLC
Mauritius
International
India
15
PREVIOUS FUND – IL&FS Milestone Fund - I Valuation & Performance
( ) to investors
#
Quarter# % p.a. pre tax
Quarter 1 10.9%
Quarter 2 11.9%
Quarter 3 12.0%
Quarter 4 12.0%
Quarter 5 12.0%
Quarter 6 12.0%
Quarter 7 11.0%
Quarter 8 11.0%
Quarter 9 11.0%
Quarter10 11.0%
Quarter 11 11.0%
Date Valuation Multiple**
June, 2009 1.23
March, 2010 1.46
16
indicates the value of INR 1 from date of acquisition to valuation date after taking into
investment during that period and unrealised capital value of the investment.
PREVIOUS FUND – IL&FS Milestone Fund - I & II Key Tenants
17
PREVIOUS FUND – IL&FS Milestone Fund - I Investments
PUNE OFFICE BUILDING
Lease tenor : 9 years
KOLKATA OFFICE BUILDING
MUMBAI OFFICE BUILDING
Lease tenor : 9 years
RAJKOT MALL CUM MULTIPLEX
Lease tenor : 9 years
DELHI WAREHOUSEBHIWANDI WAREHOUSE
18
19
PREVIOUS FUND – IL&FS Milestone Fund - II Investments
BANGALORE IT BUILDING
Lease tenor : 9 yearsAnchor tenants : CGI
MUMBAI OFFICE BUILDING
Lease tenor : 9 yearsAnchor tenants : ECI Telecom
247PARK: INTEGRATED CORPORATE PARK, MUMBAIThis Grade - A commercial development is one of the finest developments in the suburban micro markets in Mumbai and is India’s largest LEED certified Gold rated green building.
FINANCIAL SNAPSHOT PROPERTY DETAILS
Cash Yield Leasable Area
Expected IRR Asset Class Integrated Corporate Park
Average Key Tenants HCC Group, LAVASA, Siemens, Future Group,Monthly Rental
Floors No of parking
Rent Escalation and Tenure Average tenure of 9 years
HomeTown
THE INDIAN ADVISOR – IL&FS Milestone Realty Advisors Pvt. Ltd.
(including their property management arm)
domestic yield Fund & 3 properties in the 2nd yield Fund
Milestone Fund-I (Starting January 2008)
Investment Committee includes prominent professionals
Archana Hingorani:
Ashish Joshi: Managing Partner (Real Estate), Milestone Group
Manoj Borkar: CFO, IL&FS Financial Services Limited
Rajesh Birla: Sr. Principal (Real Estate Investments), Milestone Group
Ved Prakash Arya: CEO & Managing Director, Milestone Group
EXPERIENCED MANAGEMENT TEAM
TRACK RECORD
REPUTABLE INVESTMENT COMMITTEE
FUNDS UNDER MANAGEMENT IN SIMILAR STRATEGY
20
THE INDIAN ADVISOR – Board of Directors
Shahzaad DalalVice Chairman and MD, IL&FS Investment Managers Ltd., Director on Indraprastha Gas,
Milind Patel
Raj Narain BhardwajFormer Member, Securities Appellate Tribunal; Former CMD LIC; Director-Samvridhi Advisor Pvt. Ltd.;
Ved Prakash AryaCEO & MD, Milestone; Former COO & Director-Pantaloon Retail (I) Ltd (Future Group); Former MD & CEO, Home Solutions India Ltd; Former CEO, Globus Stores Pvt. Ltd.
21
MANAGEMENT TEAM
22
Ashish Joshi – Managing Partner, Real Estate
of Ashok Piramal Group, which has footprints through retail and real estate projects in western India including various
and played a key role in sourcing, negotiating and managing investments in the real estate sector from this Fund.Chartered Accountant
Navin Kumar – Director, Fund Raising & Investor Relations
Rajesh Birla – Sr. Principal, Real Estate Investments
Pantaloon and Head of Merchandising at Globus.Chartered Accountant, Cost Accountant and Company Secretary
Mahesh Payannavar – Sr. Principal, Real Estate Investments
divestment in developmental real estate projects of the Milestone Funds. Former VP, Investments at Urban
Master in Management Studies (Finance) (Chem)
STRONG IIP NUMBERS COMPARED TO LAST YEAR
INDIA – Present Economic Flash
of stimulus measures, better availability of funds, and improved consumer & business confidence
INFLATION….PERKING UP
IIP
Source: CSO, MospiNote: Numbers are provisional
23
Source: Mospi
IIPSep-0
9
Oct-09
Nov-09
Dec-09
Jan-1
0
Feb-10
Mar-10
Apr-10
May-10
201816141210
86420
Table 1: IIP Growth Rates a Glance (Y-o-Y, in %) May 2009 May 2010 IIP Total 2.1 11.5Sector-wise Classification
Manufacturing 1.8 12.3
Use Based Classification
Consumer Goods -1.1 8.2
7.5
8
8.5
9
9.5
10
10.5
8.56%
Jan-10
9.89%
Feb-10
9.9%
Mar-10
9.59%
Apr-10
10.16%
May-10
Inflation
Past performance is not an assurance of future returns
HIGH GROWTH ECONOMY
INDIA – Continuous Growth inspite of temporary hiccups
agriculture sector towards manufacturing and services sector.
grow sharply during the last decade
24
GDP Contribution - Sectors (%)
20 18
62
1520
65
0
10
20
30
40
50
60
70
Services & Allied Sector
2002-032010-11 E
IndustryAgriculture & Allied
Past performance is not an assurance of future returns
such inflows due to the global financial crisis, said the World Investment
may surpass the FDI inflow of past years.
INDIA - A FAVOURED DESTINATION FOR FDI
INDIA – Favourable Indicators
25
Source: DIPP
0FY08FY07FY06 FY09 FY10
(Till August)
500
1000
1500
2000
2500
3000
0
2
4
6
8
10
14
12
0.7
3
467
8.9
2179
2801
1797
10.2
13
38
√Actual Deployment of FDI in Real Estate increased to 13% of total Equity inflow.
Housingand Real
Estate
467 2179 2801 1797
FDI Inflow FY 2007 FY 2008 FY 2009 FY 2010
Growing FDI In Real Estate
Past performance is not an assurance of future returns
consupmtion and significant domestic demand(MGI), India's
…SIGNIFICANT DOMESTIC DEMAND AND HIGH CONSUMPTION TO BE GROWTH DRIVERS FOR THE FUTURE
INDIA – Significant Domestic Demand
26
Source: Society of Indian Automobile Manufacturers
Source: Society of Indian Automobile Manufacturers
THE FUND – Tax Treatment
MODE OF INVESTMENT
TAXATION OF FUND
TAXATION AT THE INVESTOR LEVEL
The Fund shall be making investment in Indian Portfolio Companies by way of Compulsory Convertible Debentures (CCD) & Equity. CCD shall be subscribed by Cyprus Portfolio Company of the Fund & Equity shall be subscribed by the Mauritius Portfolio Company of the Fund
Rental Income generated from assets in Indian Portfolio Company
- CCD issued by Indian Portfolio Company to have a coupon rate. Indian Portfolio Company shall pay interest to Cyprus Portfolio Company & can claim
Company
- Interest income received by Cyprus Portfolio Company from Indian Portfolio Company, to be passed on to IL&FS Milestone Core Fund LLC by way
of IL&FS Milestone Core Fund LLC
Capital Gains from Sale of Shares
merged with Mauritius Portfolio Company Mauritius Portfolio Company to earn capital gain from sale of equity shares of Indian Portfolio
the hands of Mauritius Portfolio Company, in
treaty between the respective countries
- Capital gains earned by Cyprus & Mauritius Portfolio Company will be passed to IL&FS Milestone Core Fund LLC, by way of dividends,
Milestone Core Fund LLC in accordance with
respective countries
27
LEGAL GUIDELINES – Foreign Investment in Indian Real Estate
Permitted Real Estate and Construction Related Areas
Permitted Activity Permissible % Remarks
Office space /commercial buildings 100% FDI allowed in semi finished office buildings, subject to Press Note 2 (2005) conditions. Acquisition of 75% complete office space / commercial buildings is possible.
Industrial Parks including IT Parks 100% FDI allowed in acquisition of any Industrial Park or IT park, Project to be in accordance with Industrial Park/ IT parks guidelines.
Hotels / service apartments 100% FDI allowed in development and / or / conventions centers acquisition of existing hotel / service apartment.
Shopping centers / malls 100% FDI allowed in semi finished shopping centers/ malls, subject to Press Note 2 (2005) conditions. Acquisition of 75% complete Shopping malls is possible.
Warehouses 100% No specific entry for acquisition of warehouses in the Annexure to Press Note 7 of 2008.This is covered under Residual Clause and FDI is permitted up to 100% under automatic route.
Note: Please refer to Private Placement Memorandum of the Fund for further details
28
THE FUND – Exit Options, Valuations and Reporting
– The Fund will be valued annually by an independent valuer– The valuations will be carried out using fair value methods (most appropriate of Income, Cost and Market Methods)– The independent valuer for the Fund will be an International Property Consultant (IPC) of repute
– Investors will receive the following reports:
(starting after the first year)
EXIT OPTIONS
VALUATIONS
REPORTING
29
We invite participation in IL&FS Milestone Core Fund LLC on the following terms
Disclaimer
investment in the IL&FS Milestone Core Fund LLC.
from any person other than the person to whom the same is addressed. The Fund reserves the right, in its sole discretion, to refuse any subscription,in whole
or in part, for any reason.
Management is prohibited.
documents of the Fund and the Investment Manager, Investment Advisory Agreement, Investment Management Agreement and Subscription Agreement.
involved in the preparation hereof assume no liability for the relevance, accuracy or completeness of the contents herein.
merits and risks involved
originally invested. Accordingly, an investment in the Fund should be made only by persons who are able to bear the risk of loss of all the capital invested
FUND OFFER
30
ICICI BANK DISCLAIMER
31
THIS DOCUMENT HAS BEEN PROVIDED BY THE FUND. ICICI BANK LIMITED IS MERELY FORWARDING THIS DOCUMENT TO YOU AS RECEIVED FROM THE FUND.
THE PRODUCTS, SERVICES AND INFORMATION CONTAINED IN THIS DOCUMENT ARE NOT INTENDED TO NOR SHOULD THEY BE CONSTRUED TO REPRESENT THAT ICICI BANK LIMITED PROVIDES ANY PRODUCTS OR SERVICES IN ANY JURISDICTION WHERE IT IS NOT LICENSED OR REGISTERED OR AUTHORISED TO DO SO.
THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN ARE STRICTLY CONFIDENTIAL AND MEANT SOLELY FOR THE SELECTED RECIPIENT TO WHOM IT HAS BEEN SPECIFICALLY MADE AVAILABLE TO ICICI BANK LIMITED BY THE FUND. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS DOCUMENT, YOU ARE REQUESTED NOT TO READ, COPY, DISSEMINATE, DISTRIBUTE OR USE THIS DOCUMENT AND THE INFORMATION IN ANY WAY. YOU ARE REQUESTED TO DESTROY THE DOCUMENT OR RETURN IT TO AN ICICI BANK OFFICE, BOTH IMMEDIATELY.
For the purpose of this document and its contents, ICICI Bank operates strictly on a no¬advice and execution¬only model.do not assume or undertake any duty to advise the recipient or act in any fiduciary capacity, whatsoever, in respect of any product and service referred to in this document and do not accept any liability or be held liable for any direct, indirect, incidental, special or consequential damages arising out of the use of information, view or opinion contained herein. Potential investors should request for relevant product information before making any investment decisions as this document does not, and is not, a document that relates to any specific investment product.
in this document are intended for general information purposes only and should not be acted upon without first understanding the contents and the terms and conditions; accepting the nature, features, risks
and any specific investment questions you may have before entering into any financial transaction.
Nothing in this document shall constitute or be construed to constitute an offer or invitation for, or solicitation for the offer of, purchase or subscription of any products or services referred to you and is not
The product or service mentioned in this document may not be suitable for all investors. The suitability of any product or service will depend on a person’s individual circumstances and objectives. You should
or particular needs, before making a commitment to purchase such product or service.
There can be no assurance that the fund will achieve its investment objective or preferred rate of return, or that there will be any return on capital. The investment may not be protected against sovereign risk including risks arising from any changes in applicable Indian or other relevant laws. They represent speculative investments and would involve a high degree of risk.
Investor’s capital may not be guaranteed in any respect and you could lose all or substantial portion of your principal investment.
Investors willing to invest in the fund (“Investor(s)”) should carefully review the underlying constituent documents of the fund, before making a decision to invest. In general, investment in the fund will involve significant risks. The use of any information set out in this document is entirely at the recipient’s own risk. Investors are advised to seek independent professional advice to understand all attendant risks
the merits and risks involved.
and other related constitutive documents pertaining to the fund, which must be thoroughly reviewed prior to making any decision to invest in the fund. In the event of discrepancies between this document,
performance, any forecast on the economy and financial markets or economic trends of the financial markets cannot be a guide to future performance. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may
32
ICICI BANK DISCLAIMER
The above mentioned is not a complete list of the risks, disclaimers and disclosures. Other important risks, disclaimers and disclosures may be involved in availing of the products and services described herein. The use of this document is subject to the terms and conditions specified herein and the users shall be deemed to have read, understood, consented and accepted these terms and conditions.
THIS DOCUMENT IS NOT INTENDED FOR CIRCULATION IN OR TO BE ACTED UPON BY RESIDENTS OF USA.
DISCLOSURE FOR BAHRAIN RESIDENTS:
If you are in any doubt about the contents of this prospectus, you should seek independent professional financial advice. Remember that all investments carry varying levels of risk and that the value of your
correctness of any statements or representations made by the operator of this collective investment undertaking.
Please contact your Relationship Manager to check the suitability of the CIU being offered, based on your investor categorization which is derived from your Net worth.
DISCLOSURE FOR DUBAI INTERNATIONAL FINANCIAL CENTRE (“DIFC”) CLIENTS
DISCLOSURE FOR OMAN RESIDENTS:
correctness or adequacy of information provided by the marketing company. CMA shall not be responsible for any damage or loss resulting from the reliance on that data or information. CMA shall not be liable for the appropriateness of the security to the financial position or investment requirements of any person. Investors may note that CMA does not undertake any financial liability for the risks related to the investment.
comply with applicable laws and consequently such offering shall not be deemed to be a public offer or marketing under applicable law. Persons receiving this documentation are instructed to discuss the same with their professional legal and financial advisers before they make any financial commitments and shall be deemed to have made a reasoned assessment of the potential risks and rewards of making
estate or arising from any restriction on disposing of any of the foregoing at any time.
DISCLOSURE FOR QATARI RESIDENTS: For the avoidance of doubt, whilst we provide support advisory services to our Clients who are resident in Qatar, as we do not carry out business in Qatar as a bank, investment company or otherwise we do not have a license to operate as a banking or financial institution or otherwise in the State of Qatar.
DISCLOSURE FOR QATAR FINANCIAL CENTRE CLIENTS:
DISCLOSURE FOR RESIDENTS IN THE UNITED ARAB EMIRATES (“UAE”): This document is for personal use only and shall in no way be construed as a general offer for the sale of products to the public in the UAE, or as an attempt to conduct business, as a financial institution or otherwise, in the UAE. Investors should note that any products mentioned in this document, any offering material related thereto and any interests therein have not been approved or licensed by the UAE
ICICI BANK DISCLAIMER
33
DISCLOSURE FOR UNITED KINGDOM RESIDENTS:
will not apply. In addition, no protection will be available in relation to the investment under the Financial Services Compensation Scheme.
DISCLOSURE FOR SOUTH AFRICAN CLIENTS:
authorised to do so. Contact the South African Representative Office or one of its relationship managers for clarification of products and services offered in South Africa.
DISCLOSURE FOR INVESTORS IN SINGAPORE:
representatives, who service your account and act on its behalf, are authorized to deal in investment products and financing of such investment products.
or may effect transactions, in relation to the products or other investments referred to you, or may otherwise solicit or have relationships with or financial interests in or other financial or business
persons involved in the preparation or issuance of this document may from time to time, also perform or seek to perform broking, investment banking and other financial services for such product providers
CONTACT INFORMATION - For Fund related queries
Ashish Joshi - Managing Partner, Real Estate
Email : [email protected]
Sumit Somani - Email : [email protected]
Office phone :
India Cell :
Navin Kumar - Director, Fund Raising & Investor Relations
Email : [email protected]
Office phone :
India Cell :
Ruchir Gandhi - Email : [email protected]
Office phone :
India Cell :
Fund Address
C/o International Financial Services LimitedIFS Court, TwentyEight, Cybercity, Ebene, Mauritius
Telephone: ( )Direct Line: ( )Facsimile: ( )
Indian Investment Advisor Address
IL&FS Milestone Realty Advisors Pvt. Ltd.
(E) (INDIA)
email: [email protected]: www.milestonecapital.in
CORE FUND