ASK Group, a privately held financial services group which has a real estate investment platform, has exited from two residential projects in Pune including Serano at Baner and Skyone at Model Colony, the company said in a press release.
The group which had invested through its first domestic real estate fund ASK Real Estate Special Opportunities Portfolio 1, has pocketed a total of Rs 147 crore ($23.4 million) through the exits.
ASK had invested Rs 30 crore in Serano project of Amit Enterprises and has garnered Rs 75 crore. Through this, it has generated a 2.53x return in its three-year-old investment.
In the second residential project Skyone, which is developed by Paranjape Schemes, offering 29 bespoke residences, it exited with Rs 72 crore. ASK had invested Rs 40 crore and made a 1.8x return in under three years.
"With these exits we have returned 1.15 times of the entire capital equivalent of the first fund to investors. Our partnership with renowned developers like Amit Enterprises and Paranjape Developers and our confidence in Pune market has given us rich dividends. 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,” said Amit Bhagat, CEO & MD of ASK Property Investment Advisors.
"ASK has managed to raise the two domestic and an offshore fund during very tough economic environment. Apart from our investment strategy, we are diligent even while partnering with developers with whom we have relationship going back to more than a decade. We have chalked out detailed plans of exits from other investments over the next 6 to 12 months with targeted returns for our investors," Sunil Rohokale, MD & CEO, ASK Group, added.
Earlier, ASK Group exited from ATS ONE Hamlet, a project of ATS Group in Noida and Liviano, Darode-Jog Developers' project.
ASK Group through its real estate platform has assets under management of Rs 3,000 crore and has committed Rs 1,800 crore in 16 projects spread over 18 million sq ft since mid 2010. It is actively seeking investments in Pune in the current financial year.
ASK Property Investment Advisors Pvt Ltd, the real estate investment arm of ASK Group, will be investing Rs 750-800 crore ($129 million) across residential projects in the next financial year from its roaster of domestic and offshore funds, VCCircle reported.
Recently, it invested Rs 55 crore in an ongoing township project of Paranjape Schemes (Construction) Ltd located in Bhugaon, Pune.
(Edited by Joby Puthuparampil Johnson)