AVCJ

ASK Property closes $175m real estate fund

  • Susannah Birkwood
  • LinkedIn  
  • Google plus  
  • Save this article  

ASK Property Investment Advisors (ASKPIA), a subsidiary of financial services firm ASK Group, has announced a final close of its second real estate fund on INR10 billion ($175 million).

The ASK Real Estate Opportunities Fund claims to have amassed the largest corpus raised by an Indian real estate investor over the last 4-5 years.

"In spite of tough economic conditions, ASK has managed to leverage its strong relationships with clients who have yet again reposed their faith in the group," said Sunil Rohokale, managing director and CEO of ASK Investment Holdings. "The majority of our investors have been repeat investors from our first fund who have experienced our strategy and our performance."

Amit Bhagat, also managing director and CEO, added that the vehicle's strategy will be to invest in mid segment housing in India's top five cities, "in partnership with prudent and reputed developers".

Investors in Fund II are mainly high net worth individuals and ultra high net worth individuals sourced from 10 cities across India.

In March, ASKPIA invested from this second fund in Godrej Properties' (GPL) first redevelopment project. It injected INR1 billion ($19.8 million) in exchange for a 49% stake in the special purpose vehicle Godrej Landmark Redevelopers.

ASKPIA also announced its first exit earlier this year, in which it reaped an IRR of 54% and a money multiple of 2.45x from the sale of a project in Noida.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Real estate

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs