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ASK Group’s realty fund exits three housing projects

08 February, 2017

ASK Property Investment Advisors, the real estate private equity arm of financial services firm ASK Group, said on Wednesday it has exited three housing projects located in Noida, Bengaluru and Thane.

The PE firm exited ATS Infrastructure Ltd’s project ATS Le Grandiose in Noida for Rs 121 crore. The firm had invested in the project from its domestic fund ASK Real Estate Special Opportunities Portfolio II.

ASK had invested Rs 66 crore in the project in 2014. The exit fetched the PE firm an internal rate of return of 27% and a multiple of 1.85, it said in a statement.

It partially exited a project of Shriram Properties Pvt Ltd in Bengaluru for Rs 151 crore. The PE firm had put Rs 90 crore in Chirping Woods project in September 2012. The firm said it is targeting a multiple of more than 2 from this project, which means it will take out at least Rs 30 crore more.

ASK’s third exit is from Puranik Builder’s Rumah Bali project in Thane for Rs 168 crore. The PE firm garnered returns of 19% from this exit deal. It had invested in the project via structured debt.

“We have repeatedly proved our disciplined framework and sustainability of superior risk-adjusted returns,” said Amit Bhagat, CEO of ASK Property.

Sunil Rohokale, who heads ASK Group, said that ASK funds have so far taken out Rs 1,850 crore through its seven full and nine partial exits, clocking an internal rate of return in the range of 21% to 27%.

Last year, it exited its investment in a housing project of ATS Infrastructure in Gurgaon for Rs 270 crore. Previously, the PE firm exited a project of Rajesh LifeSpaces and projects of Amit Enterprises and Paranjape Schemes in Pune in 2015.

ASK Group, through its real estate investment advisory business, manages Rs 4,000 crore and has committed over Rs 2,500 crore in 21 projects.

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ASK Group’s realty fund exits three housing projects

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