London’s Trinity Capital PLC exits Bandra Project

Trinity Capital PLC is in the news again. First it sold its holdings worth Rs. 90.3 crores in Mumbai based Keystone Realtors and now it has again sold its stake back to Keystone in a Bandra based housing project. Trinity committed an investment of 20.5 million pounds to Rustomjee Constructions Pvt Ltd but finally invested only 3.6 million pounds through its Mauritius unit TC15. TC15 had a 49% holding in Rustomjee, balance held by the developer. Trinity holds a 45% stake in TC15, the rest held by SachsenFonds Holdings GmbH of Germany through Immobilien II. Trinity hopes to gain 2 million pounds from this sale. The reason given for the exit is that the project is not making any progress with the promoter still negotiating agreements with housing societies.

While Trinity has 45 per cent stake in TC15, the rest is held by German investor SachsenFonds Holdings GmbH, through Immobilien II. Trinity Capital is expected to get £2 million ($3.27 million) from this sale.SachsenFond’s case in a Mauritius Court of Civil Appeal against Trinity Capital have been dismissed.