By Accommodation Times Bureau
New Delhi,7th Feb, 2017: ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of a renowned diversified financial services firm ASK Group announced exits from its project investments in Noida, Bengaluru and Thane. The exits have materialised after demonetisation.
ASK has exited from ATS Infrastructures’ Noida project ‘ATS Le Grandiose’ located on Noida Greater Noida Expressway at Sector 150 for Rs.121 Cr. The investment was made from ASK PIA’s domestic fund ‘ASK Real Estate Special Opportunities Portfolio II’. ASK had invested Rs. 66 Cr with ATS Group in Feb 2014 and in three years; the same has fetched an IRR of 27% and a multiple of 1.85.
The part exit of Rs 151 Cr is from ‘ASK Real Estate Special Opportunities Fund’, in the Shriram Properties Private Ltd’s Bengaluru project ‘Chirping Woods’ located on off Sarjapur Road. ASK had invested Rs. 90 Cr with Shriram Properties Private Ltd in September 2012 and has achieved a 1.71 multiple with this part exit. ASK is targeting multiple of more than 2 from this investment.
ASK had also raised a structured debt for ‘Rumah Bali’ project at Thane by Puraniks in March 2016 and has exited with Rs.168Cr. The exit has garnered returns of 19%. ASK in last four years has raised over Rs.575 Cr through NCD route and with this exit, NCD portfolio stands fully exited at over Rs.713 Cr.
While commenting on the exit Mr. Amit Bhagat, MD&CEO, ASK Property Investment Advisors said, “The era of consolidation has clearly established the increased importance of partner selection, location, margin of safety and risk management. We have repeatedly proved our disciplined framework and sustainability of superior risk adjusted returns.”
Mr. Sunil Rohokale, MD & CEO, ASK Group said, “ASK funds have demonstrated exit track record of over Rs. 1,850 Cr through its seven full and nine part exits clocking returns in the range of 21% to 27% IRR and this performance has been highly appreciated by investors.”
ASK Group through its Real Estate investment advisory business manages Rs.4,000 Cr and has committed over Rs 2,500 Cr in 21 projects.