ASK Group exits 3 realty projects

Advent International bought 40% in ASK group recently

ASK Property Investment Advisors (ASKPIA), the real estate private equity arm of financial services firm ASK Group, on Tuesday announced exits from project investments in Noida, Bengaluru and Thane.  

ASK has exited from ATS Infrastructures’ ATS Le Grandiose located on Noida Greater Noida Expressway at Sector 150 for Rs 121 crore. The investment was made from ASK's domestic fund — ASK Real Estate Special Opportunities Portfolio II. ASK had invested Rs 66 crore in ATS Group in February 2014 and in three years; fetched a return of 27 per cent and a multiple of 1.85, it said.

Advent International bought 40 per cent in ASK group recently.

The part exit of Rs 151 crore is from ASK Real Estate Special Opportunities Fund, Shriram Properties’s Bengaluru project Chirping Woods located off the Sarjapur Road. ASK had invested Rs 90 crore in Shriram Properties in September 2012 and has achieved a 1.71 multiple with this part exit. ASK is targeting multiple of more than two from this investment, it said.

ASK had also raised a structured debt for the Rumah Bali project at Thane by Puraniks in March 2016 and has exited with Rs 168 crore. The exit has garnered returns of 19 per cent The group, in the last four years, has raised over Rs 575 crore through non-convertible debentures and with this exit, its NCD portfolio stands fully exited at over Rs 713 crore, it said.

Amit Bhagat, managing director & chief executive, ASK Property Investment Advisors said, “The era of consolidation has clearly established the increased importance of partner selection, location, margin of safety and risk management. We have repeatedly proved our disciplined framework and sustainability of superior risk adjusted returns.”
 
Sunil Rohokale, MD & CEO, ASK Group said, “ASK funds have demonstrated exit track record of over  Rs 1,850 crore through its seven full and nine part exits clocking returns in the range of 21 per cent to 27 per cent IRR and this performance has been highly appreciated by investors.”

ASK Group through its Real Estate investment advisory business manages Rs 4,000 crore and has committed over Rs 2,500 crore in 21 projects.