ASK Property Investment Advisors, the real-estate private equity arm of financial services firm ASK Group, said on Monday it has exited its investment in a housing project of ATS Infrastructure Ltd in Gurgaon for Rs 270 crore (about $40.5 million).
The exit from the ATS Tangerine project, in which ASK Property invested Rs 147 crore in July 2013, fetched an internal rate of return of 25% and a multiple of 1.82, the PE firm said in a statement.
This is the PE firm’s sixth exit overall and second from its ASK Real Estate Special Opportunities Fund II.
“We have invested in six transactions with ATS and have exited completely in four,” said Amit Bhagat, MD and CEO, ASK Property.
ASK Property raised the second fund in 2011-2012 and has fully committed its corpus in Mumbai, Pune, Bengaluru and the national capital region.
The firm said it has mobilised close to Rs 1,400 crore through its six full and seven part-exits, clocking returns in the range of 21-25%.
“Our strategy to stay focused in mid-size residential projects and in six metros, i.e. Mumbai, Delhi-NCR, Pune, Chennai, Bengaluru and Hyderabad, remains constant for future investments as well,” ASK Group MD and CEO Sunil Rohokale said.
The group, through its real estate investment advisory business, manages Rs 3,800 crore and has committed Rs 2,200 crore in 21 projects.
In financial year 2015-16, ASK Group invested Rs 365 crore in Rajesh Lifespaces’ Vikhroli project, Rs 125 crore in an ATS project in Noida, Rs 112 crore in Purvankara’s Chennai project.
In 2015, the PE firm exited a project of Rajesh LifeSpaces. The group also exited its investments in Pune with Amit Enterprises and Paranjape Schemes. Previously, it exited from ATS ONE Hamlet, a project of ATS Group in Noida in 2012, and Liviano, a project by Darode-Jog Developers in Pune, in 2010.
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