ASK Group has put in an additional Rs 125 crore (about $19 million) in a Noida housing project of ATS Group, doubling its total investment, the financial services firm said in a press release.
This is the eighth investment by the group’s second realty fund, ASK Real Estate Special Opportunity Fund. The group had invested about Rs 127 crore in the project through the offshore fund managed by Singapore-based arm ASK Capital Management in July 2014.
The project Le-Grandiose, located in Noida’s sector 150, is spread over 20 acres. It has total saleable area of 1.7 million square feet and is scheduled to be completed in 2018.
This is the third ATS project where ASK has invested through a realty PE fund.
“For repeated investments it is pertinent for both the developer and the investee to be flexible, agile and aligned to market realities,” said Getamber Anand, chairman and managing director of ATS Group.
Amit Bhagat, CEO and MD at ASK Property Investment Advisors, said the investment fits in its strategy to invest in the country’s top five cities and in mid-segment residential housing projects.
ASK Group, through its real estate business, manages assets under management of Rs 3,000 crore and has committed Rs 1,800 crore in 16 projects spread over 18 million sq ft during the last 18 quarters.
Earlier this month, it backed a residential project of Mumbai-based developer Rajesh LifeSpaces through a mix of equity and debt.
ASK Group recently said it would raise around $1 billion from the offshore markets across asset classes over the next three years in an attempt to expand its global presence.
Early this year, a company spokesperson had told VCCircle that it aimed to invest Rs 750-800 crore in fiscal year 2015-16.