QUARTER 3 .

2018-19
FEATURED
SECTIONS

Message from
8
schools
6,828
number
8.3 %
Annualized
the Partner acquired of students yield

Fund Update

Asset Portfolio

Industry
Update
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Message from Managing Partner

Education outcome is influenced by

a number of factors, infrastructure being
one of them.

Dear Investor,

Greetings from Cerestra Edu-Infra Fund team!

We are pleased to present the “Quarterly Update” for

Cerestra Edu-Infra Fund.

Cerestra Edu-Infra Fund is happy to announce that it has

successfully completed the acquisition of Edu-Infra assets
in Pune preleased to Billabong High International School.

The keenly awaited Blackstone Embassy REIT has received the

SEBI approval for listing which will be first of its kind in India.
It plans to raise about $700 million with an expected yield of
6% to 7% as per market sources. A successful listing of the REIT
will potentially open a fundraising avenue for other property
companies and also establish yield benchmarks for yielding
assets.

The Fund has made its sixth distribution to its investors in the
third week of January and met its commitment of periodic
distribution and returns from underlying assets.

Yours truly,

Jasmeet Chhabra
Managing Partner
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Fund Update Total

Fund Size:
Committed
Capital of
INR 201.9

*Source: GT Valuation report as on 31 Mar 18

Distribution and Annualized Yield Crores Net Asset Value (NAV)

10.0% Increase in 24.8%

1,24,838*
9.0% 8.4% 8.5%
8.2% 8.3% 8.3% 8.3% 1,00,000
8.0%

7.0%

6.0%

5.0%
Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Allotment Price NAV as on March 2018

WITTY Investment Details

I N T ERNATIONAL Witty International School, Mumbai, Witty International School, Udaipur,
SCHOOL Maharashtra | Number of Students: 1,693 Rajasthan | Number of Students: 895

Operator Overview
• Established in 2000, Witty Group of Institutions is one of the leading premium school brands in India
• Operates 5 Witty International Schools across India with a total strength of more
than 3,350 students; Also operates pre-schools and runs its own “Teachers Training College”

S ancta M aria Investment Details

I nternational Sancta Maria International School, Hyderabad, Telangana
S chool Number of Students: 1,060

Operator Overview
Founded in 1982, St. Mary’s Educational Society is a registered trust which currently operates
3 educational institutions in Hyderabad, India – St. Mary’s Junior College, St. Mary’s College
and Sancta Maria International School

JA I N P U B L I C Investment Details
S C H OO L Jain Public School
Tumkur, Karnataka | Korba, Chhattisgarh | Kadiri, Andhra Pradesh | Chintamani, Karnataka
Total number of Students: 3,180

Operator Overview
JGI is an established education provider and entrepreneurship incubator in India.
JGI operates under two verticals as mentioned below:
• Education – Operates in 73 institutions with over 52,000 students engaged at the K-12,
undergraduate and post graduate levels spread across India
• Entrepreneurship – Operates an angel investing firm, JGI Ventures, which has incubated ~ 50 ventures

B illabon g H i g h Investment Details

I nternational Billabong High International School, Pune, Maharashtra
S chool Expected number of students for FY 19-20: 315

Operator Overview
• “Billabong High” is a renowned brand owned by Kangaroo Kids Private Limited (KKEL),
a leading educational chain with network of 79 preschools and 21 “Billabong High” schools.
• EuroKids International Private Limited and private equity firm Gaja Capital acquired KKEL
and Billabong High in 2017.
• EuroKids is a leading education focused company in India with over 90,000 students enrolled
in preschool and schools across India, Nepal and Bangladesh.
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Asset Portfolio
Witty International School, Mumbai
Acquired in Feb 2016

Investment Overview
Operator: Witty Group of Institutions

Est. Year: 2014

Location: Mumbai, Maharashtra

Land Area: 1.3 acres

BUA: 110,000 Sq. ft.

No. of Students: 1,693

Curriculum: IGCSE

Rental Yield: 11% per annum

Escalation: 8% every 3 years

Key Facilities
Student Enrolment Growth
• Strategically located asset with world class infrastructure
1,693
• Excellent academic facilities with modern classrooms 749

• State of art co-curricular facilities including large multipurpose hall,

art & crafts room, AV theatre and music studio
Feb 16 Current Student Strength

Jain Public Schools – 4 Schools

Acquired in September 2016

Investment Overview
Operator: Jain Group of Institutions

Est. Year: 2011-12

Location: Tumkur, Karnataka; Korba,

Chhattisgarh; Kadiri, Andhra Pradesh;
Korba,Chhattisgarh Chintamani, Karnataka Chintamani, Karnataka

Land Area: 16 acres

BUA: 252,618 Sq. ft.

No. of Students: 3,180

Curriculum: CBSE

Rental Yield: 11% per annum

Tumkur, Karnataka Kadiri, Andhra Pradesh Escalation: 3% every year

Key Facilities
Student Enrolment Growth
• Excellent academic facilities with committed, competent & qualified
3,302 3,180
academic staff

• Ideal sports infrastructure for both indoor and outdoor games

Sep 16 Current Student Strength

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Asset Portfolio
Witty International School, Udaipur
Acquired in February 2017

Investment Overview
Operator: Witty Group of Institutions

Est. Year: 2014

Location: Udaipur, Rajasthan

Land Area: 3.75 acres

BUA: 124,000 Sq. ft.

No. of Students: 895

Curriculum: CBSE

Rental Yield: 11% per annum

Escalation: 8% every 5 years

Key Facilities
Student Enrolment Growth
• Temperature controlled wi-fi campus
895
• Spacious classrooms with digital boards 741

• Extensive library, state-of-the-art laboratories, auditorium,

audio visual hall and computer lab
Feb 17 Current Student Strength

Sancta Maria International School, Hyderabad

Acquired in March 2017

Investment Overview
Operator: St. Mary’s Education Society

Est. Year: 2011

Location: Hyderabad, Telangana

Land Area: 5 acres

BUA: 193,465 Sq. ft.

No. of Students: 1,060

Curriculum: IGCSE

Rental Yield: 14% per annum

Escalation: 3% every year

Key Facilities
Student Enrolment Growth
• Strategically located assets with world class infrastructure
1,060
• Infrastructure facilities: air-conditioned classrooms, amphitheatre, 843
an indoor soft gym, a library

• Sports facilities includes soccer field, indoor badminton courts,

cricket practice nets, table tennis, basketball and tennis courts Mar 17 Current Student Strength
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Asset Portfolio
Billabong High International School, Pune
Acquired in December 2018

Investment Overview
Operator: Lina Ashar Foundation
(Kangaroo Kids)

Est. Year: 2019

Location: Pune, Maharashtra

Land Area: 2.12 acres

BUA: 135, 717 Sq. ft.

No. of Students: *

Curriculum: CBSE, IGCSE

Rental Yield: 11% per annum

Escalation: 9% every 3 years

* Expected enrollment FY 19-20: 315 students

Key Facilities
• Discovery zone, computer lab, library, robotics, art room

• Sports facilities like cricket, tennis, skating, basketball and kho-kho

• Other facilities like double height auditorium, multipurpose hall, cafeteria

Industry Update
Cerestra buys Pune school, Euro group to operate it under Billabong brand
Business Standard, Jan 2019

Private equity fund Cerestra Advisors
has acquired a K12 school in Pune as a
part of their plan to build a portfolio
of schools in the country and float
an educational Invit (infrastructure
investment trust).
Cerestra bought Billabong High International School
in Hadapsar area of Pune for Rs 600 million through its
Cerestra Edu Infra Fund, which presently owns a total of
eight K12 schools valued at over Rs 4.5 billion.
R EAD M O R E

Role of quality school infrastructure in improved education outcomes

Education World

Education has consistently been recognised as the
cornerstone of development for any country or region,
and one of the highest return rewarding development
activities. Education outcome is influenced by a number of
factors, infrastructure being one of them.
School infrastructure, its design, quality and day to
day management is significant in enabling school system
to deliver improved education outcomes. It broadly
encompasses land and building, quality of facilities and
the overall design.
R EAD M O R E

Cerestra Advisors Private Limited

Suite 9009, Trident, Hitech City, Madhapur, Hyderabad, Telangana 500081
E: enq_cerestra@camsonline.com | W: cerestraedufund.com