ASK group makes Rs 440-crore exit from 3 realty projects

These include residential projects of Puranik Group, ATS Infrastructures, Shriram Properties

ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of financial services firm ASK Group today announced exits from its project investments totaling Rs 440 crore in Noida, Bengaluru and Thane. 

ASK has exited from ATS Infrastructures’ Noida project ‘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 with ATS Group in February 2014 and in three years; the same has fetched a return of 27 per cent and a multiple of 1.85, it said.

The part exit of Rs 151 crore is from ‘ASK Real Estate Special Opportunities Fund’, in the Shriram Properties’s Bengaluru project ‘Chirping Woods’ located on off Sarjapur Road. ASK had invested Rs 90 crore with 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 ‘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 ASK in last four years has raised over Rs 575 crore through non-convertible debentures (NCD) route and with this exit, NCD portfolio stands fully exited at over Rs 713 Crore, it said.

Amit Bhagat, managing director (MD) and chief executive officer (CEO), 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 internal rate of return (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.