ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset and Wealth Management Group, has announced an exit of ₹354 crore from its investment in three projects of QVC Realty Developers.
The investment amount was ₹200 crore and the company has achieved 1.8x multiples of capital invested with an IRR of approximately 20%, the company said in a statement.
Also Read: Dwarka Expressway inauguration: The impact on Gurugram real estate prices
The investment was for a portfolio of three projects, one in Bengaluru and two in Gurugram. The two projects located in Gurugram are situated in Dwarka Expressway, while the third project is in Nandi Hills, Bengaluru.
Also Read: Private equity investments into real estate register 26% decline in nine months of FY 2024
The invested projects are a combination of villa and plotted development. The successful exit was accomplished within a timeframe of four years, it said.
{{/usCountry}}The invested projects are a combination of villa and plotted development. The successful exit was accomplished within a timeframe of four years, it said.
{{/usCountry}}Also Read: PE investments in Indian real estate at $3.9 billion, a 14% YoY increase: Savills India
“We are delighted with the returns we have generated during an average investment tenure of four years. The healthy returns can be attributed to our selection of projects and entry point with margin of safety. Demand for villa and plotted development also picked up post pandemic and provided timely and targeted exit. We are continuously focused on identifying opportunities with an investment horizon of 3-5 years coinciding with completion of the project,” said Amit Bhagat, CEO and MD, ASK Property Fund.
“Real estate cycle has turned around due to sustained increase in end user absorption and supply constraints. We will continue to focus on the residential end-user driven mid segment. Residential is a favored asset segment world over in addition to logistics and data centers,” said Sunil Rohokale, Managing Director and CEO, ASK Asset & Wealth Management Group.
Also Read: ASK Property Fund and Trevoc group jointly invest ₹200 crore in a luxury project in Gurugram
ASK Property Investment Advisors Pvt Ltd, which is the registered entity, has raised around ₹6,100 crore since 2009 and investors include family offices, ultra high net worth individuals (UHNI), high net worth individual (HNI) and institutions.