Advisors (ASKPIA), the real estate private equity arm of financial services firm ASK Group, declared exits from its project investments totaling Rs 440 cr in Bengaluru, Noida and Thane.
ASK has exited from ATS Infrastructure’s Noida project “ATS Le Grandiose” located on Noida-Greater Noida Expressway at Sector 150 for Rs 121 cr. company also revealed that, the investment was made from ASK’s domestic fund “ASK Real Estate Special Opportunities Portfolio II”. ASK had invested a total sum of Rs 66 cr with ATS Group in February 2014 and in three years; the same has procured a return of 27% and a multiple of 1.85, it said.
The part exit of Rs 151 cr is from “ASK Real Estate Special Opportunities Fund,” in the Shriram Properties’s Bengaluru project named “Chirping Woods” situated on Sarjapur Road. ASK had invested a total sum of Rs 90 cr with Shriram Properties in September 2012 and has attained a 1.71 multiple with this part exit. ASK is targeting multiple of more than two from this investment.
Amit Bhagat, Managing Director (MD) and chief executive officer (CEO), ASK Property Investment Advisors, said: “The era of alliance has clearly established the increased importance of partner selection, position, margin of safety & risk management. We have repeatedly proven our well-organised framework and sustainability of superior risk-adjusted returns.”
Sunil Rohokale, CEO & MD of ASK Group said, “ASK funds have demonstrated exit track record of over Rs 1,850 cr through its nine part and seven full exits clocking returns in the range of 21% to 27% IRR and this performance has been greatly appreciated by the investors.”
ASK Group’s real estate investment advisory business achieved Rs 4,000 cr and has committed over Rs 2,500 cr in total 21 projects.