Mumbai: ASK Group, a diversified financial services group, today announced an additional investment of INR 125 crore in ATS Group’s Noida project, taking the total investment in the project to Rs 252 cr. ASK Group’s offshore fund had earlier invested Rs.127 crore in this project in July 2014. The incremental Rs.125 Cr is the 8th investment from ASK’s second Real Estate fund, ‘ASK Real Estate Special Opportunity Fund’. This will be the third project where ASK has partnered with ATS through the Real Estate Private Equity route.
The project Le-Grandiose is located at the Sector 150, Noida, across 20 acres and has a total saleable area of 1.7 million square feet. The project focuses on mid income households and will be completed in 2018.
While commenting on this development Mr. Amit Bhagat, CEO and MD, ASK Property Investment Advisors said, “Noida has emerged as a preferred destination in the past few years due its strategic location and proximity to important centers of the city. We have also focused on Noida express way due to excellent infrastructure and proximity to job market. This investment also fits perfectly in our strategy to invest in top five cities and in mid-segment residential housing projects”.
Mr. Sunil Rohokale, CEO and MD, ASK Group said, “ASK’s constant endeavor is to partner with prudent and reputed developers having a good track record. We are strengthening our partnership with ATS Group with this investment and are confident of deriving superior value for our investors. Our confidence in ATS Group stems from the fact that ATS is able to fetch premium due to its reputation, superior execution capabilities, its delivery track record and post delivery maintenance. 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. Getamber Anand, Chairman & Managing Director, ATS Group also highlighted and appreciated long relationship with ASK in multiple projects. He mentioned, “For repeated investments it is pertinent for both developer and investee to be flexible, agile and aligned to market realities. Investor will ride on the core competence of a developer if he is convinced on execution and delivery capabilities.”
In this calendar year, ASK Group has invested Rs.112 crore in ‘Purvankara’s’ Bengaluru project and has exited from three investments while garnering a impressive multiple. The group exited Mumbai’s ‘Rajesh Lifespaces’ investment with a multiple of 2.26 in over three years, and its investments in Pune with Amit Enterprises and Paranjape with a multiple of 2.53 (over 3 years )and 1.80 times (less than 3 years ) respectively.
Additionally, the group has exited from ‘ATS ONE Hamlet’, a project of ATS Group in Noida in (2012) , with a multiple of 2.45 in just over two years and ‘Liviano’, a project by Darode-Jog Developers in Pune in (2010), while returning a multiple of 2.35 in just over three years.
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.
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