Private equity firm ASK Property Investment Advisors today said it has raised Rs 1,000 crore and plans to invest the same in residential projects in six metros -- Mumbai, Delhi-NCR, Chennai, Bengaluru, Pune and Hyderabad -- in partnership with developers.
This is part of the Rs 1,500-crore third domestic 'ASK Real Estate Special Opportunities Fund II', a statement said here.
"ASK is looking at deploying this fund through 7-8 investments with average size ranging between Rs 100 crore and Rs 200 crore. The fund will also be seeking an opportunity to invest in distressed value assets with strong regional developer brands," ASK Group Managing Director and CEO Sunil Rohokale said.
The fund will be focusing on capital conservation and sustainable risk adjusted returns and aiming at a multiple of 2-2.5 times, he said.
Meanwhile, the company has also made its maiden investment from this fund in 'Provident' residential project of Purvankara in Chennai.
"We are pleased to be the first private equity partner for the Purvankara group. This is our third investment in Chennai, which we believe has tremendous potential for growth," he said.
"With this partnership, we have 10 prudent partners in five cities across the country of which three are listed developers."
The assets managed by the ASK Group through its real estate business have surpassed the Rs 3,000 crore mark, of which the group has committed Rs 1,800 crore in 16 projects spread over 18 million sq ft during the last 18 quarters.
