The real estate arm of ASK Group, ASK Property Fund has exited the Eldeco Group’s South Delhi commercial project called Eldeco Centre, have generated an IRR of 21% on its investment of Rs 120 crores. In September this year the fund exited another investment in Gulshan Homz for their Gulshan One 29 project in Noida after two years, having achieved an IRR of 21% on their investment. The fund recently collaborated with Sriram Properties Limited to set up a co-investment platform to develop ‘Golden Ira’ a plotted development project in Bengaluru. Both companies intend to infuse capital to the tune of Rs 125 crores and re-launch the project under the name ‘Shriram Pristine Estates’.
The real estate arm of ASK Group, ASK Property Fund has exited the Eldeco Group south Delhi project called Eldeco Centre, have generated an internal rate of return of 21% on its investment of Rs 120 crores. The project is a commercial complex that includes office and retail spaces. The location of the project has been a huge contributing factor to the healthy rate of return. The area’s strong demand is primarily driven by the excellent metro connectivity, established neighbourhood, accessibility to public transportation, and social amenities.
The ASK property fund is said to specialise in the private equity investments in mid-income and low-cost residential projects and commercial real estate. Since its inception in 2009, the fund has raised over Rs 5,000 crores from private investors. For the financial year of 2022-23, the fund aimed at raising Rs 1,500 crores of which it has already raised Rs 800 crores. This calendar year, the fund has made exits amounting to almost Rs 1,000 crores.
In September 2020, amid the Covid pandemic, ASK Property Fund invested a sum of Rs 125 crores with Gulshan Homz for their Gulshan One 29 project in Noida. After two years, in September 2022 the fund exited the investment having gained an IRR of 21 percent. Earlier this month, it joined hands with Sriram Properties Limited to set up a co-investment platform to develop ‘Golden Ira’ a plotted development project belonging to Golden Gates Group and IIFL Group in Bengaluru that was acquired by Shriram Properties. The companies intend to infuse capital to the tune of Rs 125 crores and re-launch the project under the name ‘Shriram Pristine Estates’.
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