New Delhi: Private equity firm ASK Property Fund, which had invested Rs 80 crore in a housing project built by Naiknavare Developers in 2018, has exited the project for Rs 156 crore, almost doubling its investment.
In a statement on Monday, the company said it has "successfully withdrawn Rs 156 crore from Avon Vista, a project being developed by Naiknavare Developers".
ASK Property Fund is the real estate private equity arm of Blackstone-backed AS Asset & Wealth Management Group.
The project is located in Balewadi, Pune, consisting of 613 units.
“ASK Property Fund had invested Rs 80 crore in the project in 2018,” the statement said.The recent exit has achieved the targeted IRR (Internal Rate of Return) of 21 per cent and 2x the capital invested.”
Healthy absorption and completion of the project has resulted in successful exit from the project.
“This was an opportunity for recapitalization and was before the NBFC crisis. Providing requisite and flexible working capital, we ensured completion of the project, supported by sales during the life of the project.
“The investments were self-liquidating with regular cash flows from sales,” said Amit Bhagat, chief executive officer and managing director of ASK Property Fund, which was a collection linked to the milestone.,
Sunil Rohokale, MD and CEO, ASK Asset & Wealth Management Group, said Pune is primarily an end-user market and is one of its preferred cities for investment.
ASK Property Fund is the alternative asset investment arm of ASK Asset & Wealth Management Group, set up to manage and advise real estate dedicated funds.
The focus is on private equity investments in self-liquidating middle income and affordable residential and commercial sectors.
ASK Property Fund has raised around Rs 6,100 crore since 2009 and investors include family offices, ultra high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.
In a statement on Monday, the company said it has "successfully withdrawn Rs 156 crore from Avon Vista, a project being developed by Naiknavare Developers".
ASK Property Fund is the real estate private equity arm of Blackstone-backed AS Asset & Wealth Management Group.
The project is located in Balewadi, Pune, consisting of 613 units.
“ASK Property Fund had invested Rs 80 crore in the project in 2018,” the statement said.The recent exit has achieved the targeted IRR (Internal Rate of Return) of 21 per cent and 2x the capital invested.”
Healthy absorption and completion of the project has resulted in successful exit from the project.
“This was an opportunity for recapitalization and was before the NBFC crisis. Providing requisite and flexible working capital, we ensured completion of the project, supported by sales during the life of the project.
“The investments were self-liquidating with regular cash flows from sales,” said Amit Bhagat, chief executive officer and managing director of ASK Property Fund, which was a collection linked to the milestone.,
Sunil Rohokale, MD and CEO, ASK Asset & Wealth Management Group, said Pune is primarily an end-user market and is one of its preferred cities for investment.
ASK Property Fund is the alternative asset investment arm of ASK Asset & Wealth Management Group, set up to manage and advise real estate dedicated funds.
The focus is on private equity investments in self-liquidating middle income and affordable residential and commercial sectors.
ASK Property Fund has raised around Rs 6,100 crore since 2009 and investors include family offices, ultra high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.
