Mumbai: ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of a renowned diversified financial services firm ASK Group today announced its sixth exit. The exit of Rs.270 crs is from ASK PIA’s second domestic fund ‘ASK Real Estate Special Opportunities Fund’, in the ATS Infrastructures’ Gurgaon project ‘ATS Tangerine’ located on Sector 99A close to the emerging growth corridor of Dwarka-Gurgaon expressway. ASK Group had invested Rs. 147 crs with ATS Group in July 2013 and in less than three years; the same has fetched an IRR of 25% and a multiple of 1.82.
This is the second exit from ‘ASK Real Estate Special Opportunities Fund’. ASK raised its second fund in 2011-2012 which is fully committed in Mumbai, Pune, Bengaluru and NCR.
While commenting on the exit Mr. Amit Bhagat, MD&CEO, ASK Property Investment Advisors said, “Our first investment from the first fund was also with ATS in Noida, in a project, ‘One Hamlet’ which was delivered two years back. We have invested in six transactions with ATS and have exited completely in four. Our partner ATS has demonstrated an impeccable track record of delivery and quality with targeted timelines. His differentiators are clearly felt by customers in service and post delivery experience. ”
Mr. Sunil Rohokale, MD & CEO, ASK Group said, “This a yet another milestone achieved by ASK by returning almost 48% of the second fund equivalent in just over four years. ASK funds have demonstrated exit track record of close to Rs. 1400crs through its six full and seven part exits clocking returns in the range of 21% to 25% IRR and this performance has been highly appreciated by investors. Our strategy to stay focussed 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.”
Mr. Getamber Anand, CMD, ATS Infrastructure said, “ASK has always been our preferred partner due to their agility and understanding of the business. We will continue to focus on customers and in the process all stakeholders are automatically rewarded.”
In FY 16, ASK Group has invested Rs. 365 Cr in Rajesh Lifespaces’ Vikhroli project, Rs 125 crores with ATS group in Noida project, Rs.112 crore in ‘Purvankara’s’ Chennai 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 investment advisory business manages Rs.3800 crore and has committed Rs 2200 crore in 21 projects.
About ASK Property Investment Advisors
ASK Property Investment Advisors (ASK PIA) is a venture of the ASK group set up to manage and advise real estate dedicated funds. This initiative of the group rests on the backbone of extensive investment and asset management expertise backed by strong research focus. The real estate team has over 100 man years of cumulative experience and comprises some of the best professionals with mortgage finance, real estate, construction and asset management experience.
ASK PIA raised Rs 326 crore under tough market conditions in the period March 2009 to December 2009 and has committed 100% of its Portfolio. It raised second domestic fund of Rs 1000 crore in 2011 and a third domestic fund of RS.1400 cr in 2016. ASK Group has made an initial close of Rs. 300 crore (USD $ 50 mn) for its USD $200 mn fund. The company has also raised structured debt of over Rs 400 crore for some of the most reputed and financially prudent developers with which they share a good relationship.
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