Pune: ASK Group, a leading financial services group, today announced exits from two residential projects in Pune, garnering Rs. 147 Cr while clocking impressive returns. ASK Group has made a total investment of INR 30 Cr in Serano project at Baner, of Amit Enterprises, that has garnered an exit value of INR 75 Cr, within investment period of over three years, returning a multiple of 2.53 times. The project is focused on upwardly mobile middle class and located strategically in the growth and scenic corridors of Pune. The second project, Skyone is being developed by Paranjape Schemes, and is located in the heart of Model Colony, offering 29 bespoke residences. Here, the investment of INR 40 Cr has given an exit value of INR 72 Cr in less than three years with a multiple of 1.80 times. Both these investments were made from ASK’s first domestic real estate fund, ‘ASK Real Estate Special Opportunities Portfolio 1’.
The performance of ASK’s first real estate fund , has demonstrated the success of it’s focused strategy of investing in residential real estate projects, in top metros, in partnership with experienced and reputed developers. In addition to the two announced Pune exits, the group has earlier exited from ‘ATS ONE Hamlet’, a project of ATS Group in Noida, with a multiple of 2.45 in just over two years and ‘Liviano’, a project by Darode-Jog Developers in Pune, which returned a multiple of 2.35 in just over three years. ASK Fund invested project in Chembur named ‘Godrej Central’ has witnessed remarkable success and 80% of the project has already been sold. The other two investments, one with Mantri Developers of Bengaluru and Real Value Developers of Chennai are also at advance stages of execution, with good sales velocity.
Mr Amit Bhagat, CEO & MD of ASK Property Investment Advisors said,” 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.”
Mr Sunil Rohokale, MD & CEO, ASK Group, said: “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.”
ASK Group through its Real Estate Business manages an AUM of Rs 3000 crore and has committed Rs 1800 crore in 16 projects spread over 18mn sq ft during the last 18 quarters. ASK had invested with Paranjape from its second domestic fund in 2014 and fund is actively seeking investments in Pune in the current financial year.
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