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ASK Property Fund, affiliated with ASK Asset & Wealth Management Group, has exited the Avon Vista housing project in Pune, developed by Naiknavare Developers. The firm doubled its initial INR 80 crore investment to INR 156 crore, achieving a 21% IRR and 2x capital multiple. The timely completion and robust sales of the 613-unit project facilitated this successful exit. CEO Amit Bhagat highlighted the investment's self-liquidating nature, driven by cash flow from sales and milestone-linked collections. This strategic move underscores the firm's adeptness in real estate investment and project management.
ASK Property Fund, a real estate private equity firm affiliated with the Blackstone-backed ASK Asset & Wealth Management Group, has recently announced its successful exit from the Avon Vista housing project, developed by Naiknavare Developers in Balewadi, Pune. The firm had initially invested INR 80 crore into the project in 2018 and has now exited at INR 156 crore, nearly doubling its initial investment. This achievement translates to a targeted Internal Rate of Return (IRR) of 21% and a 2x multiple of the capital invested. Advertisement
The decision to exit the project was prompted by the healthy absorption and timely completion of the development, which comprises 613 units. Amit Bhagat, CEO and Managing Director of ASK Property Fund, highlighted that the investment opportunity was identified before the NBFC crisis and was structured as a recapitalization endeavor.
Through the provision of flexible working capital, the firm ensured the project's progression to completion, facilitating sales throughout its lifecycle. Bhagat emphasized the self-liquidating nature of the investment, with regular cash flow generated from sales and collections linked to project milestones. This strategic approach allowed ASK Property Fund to navigate the project successfully and realize substantial returns for its investors.
The exit from the Avon Vista project underscores ASK Property Fund's commitment to leveraging its expertise in real estate investment to deliver favorable outcomes. The firm's ability to identify and capitalize on opportunities, coupled with its proactive approach to project management, has proven instrumental in achieving this significant milestone.
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