ASK group to invest Rs 1400 cr as equity in housing projects

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Press Trust of India New Delhi
Last Updated : Feb 24 2016 | 5:32 PM IST
Financial services firm ASK group will invest about Rs 1,400 crore as equity over the next two years in mid-sized housing projects.
The group has achieved the closure of its real estate fund 'ASK Real Estate Special Opportunities Fund II' of Rs 1,373 crore (USD 205 million).
"The company is planning to invest the same in next 18-24 months in six major cities i.E. Mumbai, Pune, Chennai, Bengaluru, Delhi-NCR and Hyderabad; in midsized residential projects," ASK group said in a statement today.
With the closure of this fund, ASK group's real estate private equity assets under management/advisory stands at Rs 3,500 crore.
"Investors in the current market conditions see performance track record and strategy. So far, ASK has returned superior risk adjusted returns and focused on partnering with reputed developer, midsize residential projects and top six metro cities have earned us almost two-third of repeat investors," ASK Property Investment Advisors MD and CEO Amit Bhagat said.
He said so far 25 per cent of the fund has already been committed in two projects.

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ASK group MD and CEO Sunil Rohokale said, "This is our third domestic real estate fund raised in the last seven years and previous two domestic real estate funds are fully committed. We have primarily focused on family offices/ultra HNI investors. We have made five full and seven part exits from the first two funds in just over four years."
In this financial year, ASK group has invested Rs 365 crore in Rajesh Lifespaces' Vikhroli project, Rs 125 crore with ATS group in Noida project, Rs 112 crore in Purvankara's Chennai project.
ASK group through its real estate business has committed Rs 2,000 crore in 19 projects.

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First Published: Feb 24 2016 | 5:32 PM IST

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