ASK Group set to achieve Rs.4000 cr of Real Estate Assets under Management with the launch of RS.1500 cr Real Estate fund
Mumbai (Oct 10, 2014): ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of ASK Group, Wednesday (Oct 08) announced the launch of its fourth Real Estate “ASK Real Estate Special Opportunities Fund II” of INR 1500 Cr. This is the largest domestic real estate fund by any player in the industry in last five years. The fund will invest predominantly in self-liquidating residential projects in six major cities i.e. Mumbai, Pune, Chennai, Bangalore, Delhi-NCR and Hyderabad.
While commenting on the announcement of the fund, Mr Sunil Rohokale, MD & CEO, ASK Group said, “Our previous realestate funds have generated superior returns during tough times. This has encouraged us to launch a larger fund considering the opportunities in the markets and investors are willing to invest with a group that has a focused investment strategy with impeccable track record. We intend to raise this through domestic institutions and high net-worth individuals. Our ability to repeat deals with existing partners has been a differentiator reflecting our understanding and strong relationships”
Mr Amit Bhagat, MD & CEO, ASK Property Investment Advisors said, “Our focused strategy of mid segment residential projects and partnering with regionally strong reputed developers has been appreciated by investors. Investors have appreciated our risk management combined with margin of safety yielding MOC (Multiple of Capital). We have demonstrated track record of 15 performing investments in five cities”.
ASK Group has emerged as a leading player in the Real Estate Fund business in a short span and currently manages real estate assets of more than Rs 2,100 Cr. The Group has successfully raised two domestic funds and an offshore fund. ASK Real Estate Funds has already announced first exit with a multiple of 2.45 in just over 2 years and second with a multiple of 2.35 multiple in Pune in just over 3 years.