Mumbai real estate news: Blackstone-backed ASK Property Fund invests ₹190 crore in Kalpataru's project

ASK Property Fund invests ₹190 crore in Kalpataru's Borivali project for acquisition and working capital requirements

ASK Property Fund, the real estate private equity arm of Blackstone backed ASK Asset and Wealth Management Group, has said that it has invested ₹190 crore in a upper mid-segment project being developed by Kalpataru in Borivali West, Mumbai.

ASK Property Fund said that it has invested ₹190 crore in a upper mid-segment project being developed by Kalpataru in Borivali West, Mumbai (Photo by Satish Bate/ Hindustan Times) (Hindustan Times) (Representational photo)

The funds will be deployed for acquisition and working capital requirement of the redevelopment project, the company said.

The project comprises 310 units and is spread across 6 acres with a total saleable area of about 6.5 lakh square feet.

“We are pleased to make our second investment with the Kalpataru Group. The redevelopment project is an exceptional investment opportunity, given its location within an established catchment area. Our growth capital is aimed at providing acquisition, and necessary working capital funding,” said Bhavin Jain, CIO, ASK Property Fund.

“The catchment is primarily an end-user market and benefits from infrastructure augmentation in the last few years. The inventory overhang is low and strong demand in the micro market will help to achieve healthy and sustained sales velocity for the residential project being redeveloped”, he added.

As per ASK Property Fund Research, Borivali has experienced a significant increase in absorption over the past two years, with a year-over-year increase in sales of approximately 18-20% in 2023. With additions of quality supply, the catchment has benefited from a gradual property value appreciation and is likely to follow a similar trend in the coming years.

ASK Property Fund, is the alternate asset investment arm of the ASK group set up to manage and advise real estate dedicated funds. 

The focus is on private equity investments in self-liquidating mid-income and affordable residential and commercial segments. ASK PIA has raised around ₹6,100 crore since 2009 and investors include Family Offices, Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs) and institutions.