ASK Property Fund exits Rs 1,500 crore debt fund with an investment multiple of 1.83x
ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group, has exited from Mahagun Group’s Noida project, which got stuck and later another Noida builder had to come as a partner to rescue the project.
ASK Property Fund had invested Rs 310 crore in the project in sector 107, Noida in 2021 and exited with Rs 650 crore.
Also Read: NCLAT directs withdrawal of the insolvency against Mahagun as parties arrive at settlement
Sources said that while Rs 400 crore have come from the project cashflow, the balance Rs 250 crore are paid by a NBFC to give exit to ASK.
The project is spread across 2.4 million square feet of saleable area.
“With this, we are also exited Rs 1,500 crore in our Debt Fund, raised in 2018, with an investment multiple of 1.83x. The fund’s performance underscores the attractiveness of counter-cyclical opportunities in real estate,“ said Amit Bhagat, Co-founder, CEO and MD, ASK Property Fund.
Recently, ASK Property Fund, invested Rs 260 crore with the Kanodia Group’s realestate venture, Kreeva.
Earlier, Shapoorji Pallonji Real Estate (SPRE) had entered into a joint venture with Kreeva, to develop a luxury residential project at Sector 46 in Gurugram.
Also Read: Mahagun gets insolvency relief as NCLT clears settlement with IDBI Trusteeship
The project is also backed by Rs 270 crore investment by the ASK.
The fund has raised Rs 9,100 crore since 2009 and has invested in projects spanning 70 mn sq ft mainly in MMR, NCR, Bangalore, Pune and Chennai. Its investors include Family Offices, Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs) and Institutions.
ASK Property Fund had invested Rs 310 crore in the project in sector 107, Noida in 2021 and exited with Rs 650 crore.
Also Read: NCLAT directs withdrawal of the insolvency against Mahagun as parties arrive at settlement
Sources said that while Rs 400 crore have come from the project cashflow, the balance Rs 250 crore are paid by a NBFC to give exit to ASK.
The project is spread across 2.4 million square feet of saleable area.
“With this, we are also exited Rs 1,500 crore in our Debt Fund, raised in 2018, with an investment multiple of 1.83x. The fund’s performance underscores the attractiveness of counter-cyclical opportunities in real estate,“ said Amit Bhagat, Co-founder, CEO and MD, ASK Property Fund.
Recently, ASK Property Fund, invested Rs 260 crore with the Kanodia Group’s realestate venture, Kreeva.
Earlier, Shapoorji Pallonji Real Estate (SPRE) had entered into a joint venture with Kreeva, to develop a luxury residential project at Sector 46 in Gurugram.
Also Read: Mahagun gets insolvency relief as NCLT clears settlement with IDBI Trusteeship
The project is also backed by Rs 270 crore investment by the ASK.
The fund has raised Rs 9,100 crore since 2009 and has invested in projects spanning 70 mn sq ft mainly in MMR, NCR, Bangalore, Pune and Chennai. Its investors include Family Offices, Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs) and Institutions.
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