ASK invests Rs 365 cr in Rajesh Lifespaces' Vikhroli project

Financial services firm ASK group today said it has invested Rs 365 crore in a housing project of Rajesh Lifespaces at Vikhroli in Mumbai.
"ASK Group has committed the amount from its two domestic funds," the company said in a statement.
This is the largest investment by the group so far.
The project, spread over 10.5 acres with revenue potential of more than Rs 3,000 crore, is to be completed in phases by 2020.
ASK Property Investment Advisors CEO and MD Amit Bhagat said: "This investment goes well with our strategy to invest in top five cities and in mid-segment residential housing projects".

This will be the second project where ASK has partnered with Rajesh Lifespaces.

ASK group CEO and MD Sunil Rohokale said: "This is our largest investment till date and we will continue with similar prudence and risk management framework while selecting investments for our other funds to provide superior risk adjusted returns to our investors."
Rajesh LifeSpaces MD Rajesh Patel said: "With this large and prime land parcel in the heart of eastern suburb, we are all geared up to make this a landmark project with all the amenities and supreme standard living for the residents".
This year, ASK Group has invested Rs 125 crore with ATS group in Noida project, Rs 112 crore in Purvankara's Bengaluru project and has exited from three investments while garnering an impressive multiple.

The group exited Rajesh Lifespaces' investment with a multiple of 2.26 in over three years, and its investments in Pune with Amit Enterprises and Paranjape with a multiple of 2.53 (over 3 years) and 1.80 times (less than 3 years) respectively.
ASK Group through its real estate business manages funds under management of Rs 3,300 crore and has committed Rs 2,000 crore in 19 projects. ASK Property Investment Advisors is a venture of the ASK group set up to manage and advise real estate dedicated funds.