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.
About ASK Property Investment Advisors
ASK Property Investment Advisors (ASK PIA) is a venture of the ASK group set up to manage and advise real estate dedicated funds. This initiative of the group rests on the backbone of extensive investment and asset management expertise backed by strong research focus. The real estate team has over 100 man years of cumulative experience and comprises some of the best professionals with mortgage finance, real estate, construction and asset management experience. ASK PIA raised Rs 326 Cr under tough market conditions in the period March 2009 to December 2009 and has committed 100% of its Portfolio. It raised second domestic fund of Rs 1000 Cr in 2011 and a third domestic fund of RS.1400 Cr in 2016. ASK Group has also raised Rs. 492 Cr (USD $ 82 mn) for its maiden offshore fund. Currently ASK PIA is raising its fifth fund of Rs.2000 Cr. The company has also raised structured debt of over Rs 575 Cr for some of the most reputed and financially prudent developers with which they share a good relationship.
About ASK Group
The ASK Group is a renowned Financial Services Group and is today a leading player in the Wealth & Investment Management business, and manages the wealth & investment needs of some of the most affluent families in India. With close to three decades of presence in India, ASK group has been a true believer in the India growth story and over the years has grown hand-in-hand with its clients across the globe. The group is represented in India through its four key businesses: Wealth Advisory and MultiFamily Office Service – ASK Wealth Advisors, Portfolio Management Services – ASK Investment Managers, Real Estate Private Equity – ASK Property Investment Advisors and Private Equity Management – ASK Pravi Capital Advisors. It has 7 offices in India through which it services the needs of clients across the country. Through its office in Dubai the group manages clients in GCC & Africa and through its office in Singapore it manages real estate and equity investments made in India.
ASK group manages assets of approximately Rs 30,000 Cr (~US $4.5 Bn).
For more information: Mr. Prathamesh Pathak
